After the fall of the two most popular cryptocurrencies on the Terra blockchain, the digital currencies terrausd (UST) and lunar classic (LUNC) have increased a lot of value against the US dollar in recent times. Over the last seven days, LUNC has risen 96.3% and the once stable UST currency has risen 472.4% this week.
Lunar Classic and the First Stable Currency UST Significantly Rises Against the US Dollar
It is quite well known in the world of digital currencies that some cryptocurrencies never die. This seems to be the case with the two known cryptic assets lunar classical (LUNC) and terrausd (UST), a former stable that is sometimes called terraclassicusd (USTC).
LUNC took the name lunar classic because Terra’s new token is now referred to as LUNA. UST was once stable and held the level of $ 1 from October 2020 to May 9, 2022. When UST declined, it fell below US penny, reaching a low of $ 0.006 per unit on June 18, 2022.
However, since the drop of $ 0.006 per unit, UST has jumped 617.5% from that range. UST swelled 472.4% this week to $ 0.0926 per unit on June 29th. While UST declined in value after that rise, it still held a 24-hour trading range from about $ 0.04217516 to $ 0.081822 on Thursday, June 30th.
When UST declined on May 9, LUNC had already declined in value, but four days earlier, LUNC had exchanged hands for $ 82 per unit. The day UST declined, LUNC changed hands at a high that day at $ 61 per unit, but from the next day, it traded for $ 27 per LUNC.
Since then, LUNC has hit an all-time low four days after the depegging event to $ 0.000000999967 on May 13th. Miraculously, not only has LUNC risen 96.3% this week, it’s up 10.577% from the all-time low. At the time of writing, LUNC saw $ 545.87 million in daily trading volume, while UST recorded $ 522.60 million over the past 24 hours.
LUNC has a market valuation of approximately $ 812,399,236 with 6,907,072,876,045 LUNC in circulation today. There are currently 10,254,324,366 USTs circulating, giving UST a market estimate of about $ 477.73 million.
UST owners continue to use the Anchor protocol because 573,636,728 USTs are locked into the system. The Anchor savings protocol on the Terra Station wallet promises a 16.26% annual percentage return (APY).
In addition, defillama.com statistics indicate that there is $ 9.23 million in LUNC held on the decentralized financial (challenge) risk management market Risk Harbor. The Terra Classic chain and lunar classic (LUNC) still has a fairly active community watching posts on social media.
Terra Classic still has active validators as well, and just a proposal for management was launched, which would give validators a universal minimum commission of 10%. One particular validator called LUNC DAO told its 29,000 Twitter followers that the validator was against the minimum commission percentage of 10%.
At the time of writing, 37.04% voted in favor of the proposal and 24.80% said no to the idea. Meanwhile, the new LUNA 2.0 token had a dull week compared to the digital currency’s siblings.
LUNA 2.0 is up 7% this week, but the new cryptocurrency, which comes from the Terra Phoenix blockchain, has been down 76.6% over the past month. Out of more than 13,000 crypto assets existing today, LUNA 2.0 leads the 124th position with a market cap of $ 273 million. The market capitalization of the once stable UST currency ($ 477.73M), on the other hand, holds the 87th position.
What do you think about the recent values of UST and LUNC over the last seven days? Let us know what you think about this topic in the comment section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or support of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.