In a month-long rally, Terra Classic (LUNC) has seen an impressive surge, capturing the attention of the crypto community. The token’s current price stands at $0.0001203, marking a substantial 25.16% increase in the last 24 hours. With a market capitalization of over $698.4 million, LUNC is breaking records and reshaping its trajectory.
Throughout November, LUNC’s price has experienced an 85% surge, transitioning from $0.00006517 to its current valuation, shedding one of its zeros. This remarkable climb is attributed to several positive announcements and strategic moves by Terra Labs, igniting curiosity about the future of LUNC and its twin token, USTC.
Terra Classic in Brief: The Terra Luna ecosystem faced a significant setback last year when founder Do Kwon decided to hard fork the Terra Luna blockchain, giving rise to Terra 2.0 and its cryptocurrency, LUNA. However, the old blockchain persisted with its twin tokens, Luna Classic (LUNC) and UST Classic (USTC).
Following a substantial crash, with LUNC plummeting over 96%, recent developments have signalled a revival. LUNC’s price is now on the rise due to a series of positive occurrences that have injected new life into the ecosystem.
Factors Driving the Surge
- Bitcoin Price Rally: The recent surge in LUNC aligns with Bitcoin’s price rally. Despite a 25.16% increase in LUNC compared to Bitcoin’s 3.29%, the correlation is evident. Bitcoin’s surge past $38,000 has positively influenced LUNC’s upward trajectory.
- Strategic Investment in USTC: Terra Classic Labs strategically invested in USTC, causing a nearly 300% surge in USTC’s price. As USTC and LUNC are interconnected, the positive sentiment spilled over, boosting LUNC’s value.
- Mint Cash Announcements: Mint Cash, a new crypto project, announced an airdrop for USTC and LUNC token holders. This move, coupled with the claim that the airdrop values $1USTC at USD 1, generated enthusiasm in the Terra Classic community, contributing to the price increase.
(2/n) then, we will airdrop equivalent amounts of tokens at a valuation of 1 $USTC = $1 (USD) (details may vary)
that's a whooping 99% discount offer.
— Shin Hyojin 신효진 🏛️♻️ (@shinhyojin1031) November 25, 2023
- Binance’s USTC Perpetual Contracts: Binance’s announcement of USD-M USTC perpetual contracts with 50x leverage fueled positive investor sentiment. Both USTC and LUNC experienced significant spikes in response to this news.
Please be aware that Terraform Labs is not involved in Mint Cash in any capacityhttps://t.co/7hLOh6MaPY
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) November 27, 2023
What’s Next for LUNC and USTC?
As of November 2023, Terra Classic and USTC prices continue on an upward trajectory. The community’s dedication to reviving the ecosystem instils confidence in investors. The ongoing Bitcoin price trends and the anticipation surrounding events like Bitcoin ETF approvals and the upcoming halving could further impact LUNC’s price.
The collaboration with Mint Cash and Binance’s perpetual contracts has added fuel to the Terra Classic rally. Investors eagerly await developments in Terra Labs’ revival plans. The overall crypto market performance, combined with project advancements, will likely influence LUNC’s future price movements. As the crypto community holds its breath, the revival of Terra Classic signifies potential growth and resilience in the evolving landscape of digital assets.