- Both LUNC and USTC have shown signs of recovery after their prices plummeted on December 5.
- LUNC and USTC saw their prices rise over the past day despite the global cryptocurrency market cap dropping by 3%.
- The ongoing LUNC burns and the new proposal concerning USTC minting could be behind the tokens’ recovery.
Since December 5, both Terra Classic (LUNC) and TerraClassicUSD (USTC) experienced significant price declines. As a result, many in the industry were left wondering if the end has come for the Terra Classic cryptocurrency duo.
However, heading into the new week, both cryptocurrencies were able to make a comeback. At press time, USTC was trading hands at $0.04247 after its price was able to rise by 1.36% throughout the past 24 hours. The token’s 24-hour trading volume also ended up surging by more than 280%, which left it settling at around $264,444,330.
With regards to LUNC’s performance, CoinMarketCap indicated that the altcoin saw its price dip by more than 31% from its high at around $0.00028 over the past seven days of trading. However, LUNC managed to find some support around $0.0001776 and was still trading above this level at press time.
Over the past day, LUNC’s price was able to climb by 0.53%, which brought the altcoin’s trading value up to $0.0001838. Although the token’s price rise might seem small, it is still a significant accomplishment considering the global cryptocurrency market cap declined by about 3.73% since yesterday.
LUNC’s market cap was able to rise to $1.06 billion, which ranked it as the 58th largest token by market capitalization. This placed it right on the heels of The Sandbox (SAND) with its $1,078,862.543 market cap of its own.
Adding fuel to LUNC’s recovery is the fact that more than 85 billion LUNC tokens have been burned since May of 2022. In fact, in just the last seven days, 1,560,634,234 LUNC tokens were burned, which left the total circulating supply of LUNC standing at 5.83 trillion.
Additionally, the Terra Classic community has also taken a massive step forward by approving a proposal to halt all processes related to the minting and reminting of USTC. The main objective for this decision is to restore USTC’s peg to $1 and to breathe new life into the project.
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