Terra Classic (LUNC) price jumped by about 30% from the previous month.
Over $372 million LUNC was burned in just 7 days.
The price of Tera Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, surged dramatically as the global cryptocurrency market witnessed a bullish trend. A the time of writing, LUNC soared over 9.5% in the last 24 hours and is still being supported by buying signal.
The year 2023 spreads a positive trend to the crypto market. As the king Bitcoin (BTC) rose 40% from the beginning of January. Also, 2023 bought significant updates such as Terraform Labs’ ‘Station’, an interchain desktop wallet, which was released on January 14, also be the reason behind the LUNC price gains.
Bull Run on Crypto Market
Terra Classic continued trading with 5th week of green candles in a row. According to CoinGecko, Terra Classic’s price jumped by about 18% in the last 7 days and was now trading at $0.0002006. Additionally, the value of LUNC has increased by over 30% from the previous month. Terra Classic holds a market cap of $1.1 billion, up 9% in a day. And has a 24 trading volume of $591 million, which surged 174% from the previous day.
Terra Classic (LUNC) Price Chart (Source: Tradingview)
In the wake of the Terra ecosystem collapse, the Terra Luna community is focusing to restore the status of LUNC through a range of continuous development. The Terra network has reported a surge in the burning of LUNC tokens. That was enacted to increase the asset’s worth.
In 2023, projects and Terra Classic validators plan to burn billions of Terra Classic (LUNC) tokens. The community has so far staked almost 850 billion LUNC tokens and burned about 38.96 billion LUNC tokens. Also, $372 million LUNC was burned in just 7 days.
Further, Terra’s algorithmic stablecoin TerraClassicUSD (USTC) price has climbed around 23% in a day and 71% in a week. At the time of writing, USTC traded at $0.03760336 with a market cap of $368 million.