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- Courtesy of the TerraForm Labs, the Terra Luna Classic (LUNC) and TerraClassicUSD (USTC) tokens have been experiencing a consistent upsurge in price value over the past month.
- Within a 30-day timeframe, LUNC and USTC have secured a whopping 302 percent and 460 percent increase in gains.
Terraform Labs has changed the fundamentals of the Terra ecosystem with its most recent move. As a result, the Terra Luna Classic (LUNC) and TerraClassicUSD (USTC) have recorded a massive price increase.
Terra Luna Classic (LUNC) and TerraClassicUSD (USTC) are currently outperforming some of their competitors. This week, both altcoins have seen their gains go up to as high as 302 percent and 460 percent respectively. The gains come at a time when market players are increasingly looking out for the most promising altcoins as the year comes to a close.
While a handful of other altcoins also gaining momentum, none have sustained the amount of gains that LUNC and USTC have seen over the past month. As such, both tokens have emerged as two of the best performers in the last 30 days.
At the time of this report, LUNC’s hourly gains have increased by 58 percent, while gains sustained over the past 24 hours have toppled 111 percent. The tokens have sustained momentum in the green zone as market cap and trading volume soared by 60.34 percent and 241.80 percent. LUNC now trades at $0.0002591.
Binance’s Consistent LUNC Burns Continue to Pay Off
On the other hand, the USTC token is trading at $0.0642. Despite a rise in monthly gains, daily and hourly losses are piling up at this time. On the 3rd of December, bulls were able to build increased bullish pressure for a brief period. A bearish takeover was recorded not long after and selling pressure began to rise.
The outstanding performance by the aforementioned token can be traced back to the recent action taken by Terraform Labs. The network in charge of LUNC and USTC have deployed $10 million worth of assets. The deployment was carried out within three different liquidity pools back in November.
The bullish sentiment by market players increased following this action. A bullish momentum continued to build up not long after. Notably, fundamental changes can influence market prices and this was the case for LUNC and USTC.
It also bears mentioning that the Binance cryptocurrency exchange has played a notable role in LUNC’s current position in the market. Recently, the cryptocurrency exchange has burnt as much as 3,903,522,969.89 LUNC tokens.
Token burns typically reduce the supply of the asset in question and increase demand as volatility is expected to drop in the long term. Interestingly, LUNC has adjusted its burn mechanism, going from 100 percent down to 50 percent.
