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Terra’s Crypto Tokens UST and Luna Classic Mysteriously Pumped This Week, UST Climbed by 470% – Market Updates Bitcoin News

After the collapse of the two most popular crypto assets on the Terra blockchain, the digital currencies terrausd (UST) and luna classic (LUNC) have recently gained significant value against the US dollar. Over the last seven days, LUNC has risen 96.3% and the once stable coin UST has risen 472.4% this week.

Luna Classic and once stable coin UST rise significantly against the US dollar

It is fairly well known in the world of cryptocurrencies that some crypto assets never die. This seems to be the case with the two infamous crypto assets, luna classic (LUNC) and terrausd (UST). This is a former stablecoin sometimes called terraclassicusd (USTC).

LUNC has been named lunaclassic because Terra’s new token is now called LUNA. UST was once stable and held a $ 1 parity from October 2020 to May 9, 2022.

However, from a low of $ 0.006 per unit, UST jumped 617.5% from that range. UST rose 472.4% this week to $ 0.0926 per unit on June 29th. UST has since fallen, but the 24-hour trading range on Thursday, June 30 was around $ 0.04217516 to $ 0.081822.

Terra's crypto tokens UST and Luna Classic were mysteriously pumped this week, raising UST by 470%.

When UST depegged on May 9, LUNC was already down in value, but four days ago, LUNC was exchanging hands for $ 82 per unit. On the day UST depegged, LUNC changed trading at $ 61 per unit at its highs that day, but by the next day it was trading at $ 27 per LUNC.

Since then, LUNC has hit a record low four days after the May 13 peg removal incident. Miraculously, LUNC not only rose 96.3% this week, but also rose 10,577% from its all-time low. As of this writing, LUNC has recorded a daily trading volume of $ 545.87 million and UST has recorded $ 522.6 million in the last 24 hours.

The LUNC has a market valuation of approximately $ 812,399,236 and currently has 6,907,072,876,045 LUNCs in circulation. Currently, there are 10,254,324,366 USTs in circulation, with a market valuation of approximately $ 477.73 million.

573,636,728 UST holders continue to use the anchor protocol because UST is locked to the system. Terra Station Wallet’s Anchor Savings Protocol promises an annual interest rate (APY) of 16.26%.

moreover, defillama.com According to statistics, the LUNC held at Risk Harbor, a decentralized finance (defi) risk management market, is $ 9.23 million. The TerraClassic chain and lunaclassic (LUNC) still have a fairly active community by observing posts on social media.

Terra Classic still has active validators, these days Governance proposal A validator has been introduced that gives a universal minimum fee of 10%. One specific validator called LUNCDAO Said 29,000 Twitter followers that the validator violates the minimum commission rate of 10%.

At the time of writing, 37.04% voted in favor of the proposal and 24.80% disagreed with the idea. Meanwhile, the new LUNA 2.0 tokens have been sluggish for a week compared to their siblings of digital currencies.

LUNA 2.0 is up 7% this week, while new crypto assets from the Terra Phoenix blockchain are down 76.6% during the last month. Of the more than 13,000 crypto assets currently in existence, LUNA 2.0 ranks 124th with a market capitalization of $ 273 million. On the other hand, the once stable market capitalization of Coin UST ($ 477.73M) occupies 87th place.

Tags for this story

anchor, Decentralized finance, DeFi, defillama.com, De-peg, Depegging, LUNA, Luna 2.0, LUNA 2.0 token, LUNC, LUNC DAO, market, Market and price, Once stable coin, Risk harbor, TerraUSD, UST, Validator

What do you think of the recent surge in value of UST and LUNC over the last 7 days? Please let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is a news leader in Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the crypto community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,700 articles on Bitcoin.com News about the destructive protocols that are emerging today.

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