Following the collapse of two top crypto assets, Terra blockchain’s luna classic and terrausd digital currencies (UST), have seen a significant increase in their value relative to the U.S. Dollar in recent days. LUNC has risen 96.3% over the past 7 days while UST (once-stable) has risen 472.4% in this week.
Luna Classic and The Once-Stable Coin UST Rise Significantly against the US Dollar
It’s pretty well known in the world of digital currencies that some crypto assets never die. This is the case for the crypto assets luna (LUNC), and terrausd, a former stablecoin sometimes called terraclassicusd.
LUNC took the name luna classic because Terra’s new token is now referred to as LUNA. UST once held $1 parity and was stable from October 2020 to May 9, 2022. UST dropped to a U.S. penny when depegged and tapped a $0.006 unit low on June 18, 2022.
However, UST rose 617.5% since its low of $0.006 per units. UST rose by 472.4% to $0.0926/unit on June 29. Despite the drop in UST’s value, its 24-hour trading range was still between $0.04217516 and $0.081822.
LUNC dropped in price on May 9th, as UST depegged, however, LUNC exchanged hands four days before for $82 per Unit. LUNC was traded at $27 per LUNC the next day.
LUNC fell to $0.00000099996767, an all-time low on May 13, four days after depegging. Amazingly, LUNC has risen 96.3% in the past week and is now up 10,577% over its all-time lowest. LUNC currently has $545.87 Million in daily trading volume while UST registered $522.60 millions during the last 24 hours.
LUNC is valued at around $812 399 236. There are currently 6,907 772,876,045 LUNC. There’s 10,254,324,366 UST circulating right now, which gives UST a market valuation of around $477.73 million.
UST owners are still using Anchor protocol because 573,636,728 UST has been locked in the system. Anchor’s savings protocol, which is available on Terra Station wallets, promises 16.26% annual percentage yield (APY).
Furthermore, defillama.com statistics indicate that there’s $9.23 million in LUNC held on the decentralized finance (defi) risk management marketplace Risk Harbor. It is still possible to observe posts made on social media by Terra Classic and Luna Classic (LUNC), which have a large community.
Terra Classic is still validated by validators. A governance proposal, which would grant validators a minimum universal commission of 10%, was recently introduced. One specific validator was LUNC DAO toldIts 29,000 followers on Twitter that the validator opposed the minimum commission rate at 10%.
As of this writing, 37.04% had voted for the proposal while 24.80% opposed it. Meanwhile, the new LUNA 2.0 token has had a lackluster week compared to the digital currency’s siblings.
LUNA 2.0 has increased 7% over the week. However, Terra Phoenix’s new cryptocurrency asset is down 76.6% in the last month. LUNA2.0 is currently in the 124th spot with a $273 Million market cap. The once-stable coin UST’s market capitalization ($477.73M), on the other hand, holds the 87th position.
What do you think about UST’s and LUNC’s recent jumps in value during the last seven days? Comment below and let us know how you feel about the subject.
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