The Terra Classic (LUNC) ecosystem is experiencing a resurgence of interest, with the number of wallets holding LUNC and USTC surpassing a significant milestone of 5.5 million, as reported by Cosmos blockchain explorer, ATOMScan. This number even outpaces established cryptocurrencies like Cardano and Shiba Inu.
This surge in holders highlights the unwavering commitment of the Terra Classic community despite the project’s collapse in May 2022. The community appears dedicated to its revival.
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Exchange Support Fuels Growth: Support from major cryptocurrency exchanges, particularly Binance, is a key driver behind the rising number of LUNC and USTC holders. Binance’s ongoing LUNC burn campaign, where over 40 billion tokens have been incinerated to date, has significantly reduced supply.
Similar initiatives by other platforms like WEEX, which recently listed LUNC spot and futures trading pairs, further contribute to this supply reduction, potentially pushing up the value of these cryptocurrencies.
Price Responds Positively
The increased wallet activity coincides with a positive price trend for both Terra Classic assets. According to CoinMarketCap data, LUNC has gained 1.61% from its 24-hour low, finding support around the $0.000123 mark. USTC has also seen a rise of 2.78% within the past day.
Trading Activity Nuances: While trading volumes for both LUNC and USTC have declined in the past 24 hours, futures open interest and 1000LUNC figures have slightly increased. This suggests a potential underlying bullish sentiment.
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Upcoming Upgrade Fuels Optimism: The positive market movement may be partly attributed to the upcoming v2.4.2 upgrade for Terra Classic. This upgrade could bring further improvements to the network.
Terra Classic’s Unique Position: The growth of Terra Classic’s network underscores its unique position in the crypto landscape. Despite past setbacks, the community’s unwavering support fosters hope for the project’s long-term prospects.
The Road Ahead
The dedicated holder base, combined with exchange and developer initiatives, suggests the possibility of a substantial future price recovery for LUNC and USTC. However, it’s crucial to remember the inherent volatility of the cryptocurrency market. Thorough research and a deep understanding of the risks involved are essential before investing in LUNC, USTC, or any cryptocurrency.