After the downfall of the two most popular crypto assets on the Terra blockchain, the digital currencies terrausd (UST) and luna classic (LUNC) increased a great deal in value against the U.S. dollar in recent times. During the last seven days, LUNC has risen 96.3% and the once-stable coin UST has increased 472.4% 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. That seems to be the case with the two notorious crypto assets luna classic (LUNC) and terrausd (UST), a former stablecoin that is sometimes referred to as terraclassicusd (USTC).
LUNC took the name luna classic because Terra’s new token is now referred to as LUNA. UST was once stable and held the $1 parity from October 2020 up until May 9, 2022. When UST depegged it dropped below a U.S. penny, and tapped a low of $0.006 per unit on June 18, 2022.
However, since the $0.006 per unit low, UST has jumped 617.5% from that range. UST swelled by 472.4% this week to $0.0926 per unit on June 29. While UST dropped in value after that rise, it still held a 24-hour trading range of around $0.04217516 to $0.081822 on Thursday, June 30.
When UST depegged on May 9, LUNC was already dropping in value, but four days prior, LUNC was exchanging hands for $82 per unit. The day UST depegged, LUNC changed hands at a high that day at $61 per unit, but by the following day, it was trading for $27 per LUNC.
Since then, LUNC hit an all-time low four days after the depegging incident to $0.000000999967 on May 13. Miraculously, not only has LUNC risen 96.3% this week, it is up 10,577% from the all-time low. At the time of writing, LUNC has seen $545.87 million in daily trade volume, while UST recorded $522.60 million during the past 24 hours.
LUNC has a market valuation of around $812,399,236 with 6,907,072,876,045 LUNC in circulation today. There’s 10,254,324,366 UST circulating right now, which gives UST a market valuation of around $477.73 million.
UST holders are still using the Anchor protocol as 573,636,728 UST is locked in the system. The Anchor savings protocol on the Terra Station wallet promises a 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. The Terra Classic chain and luna classic (LUNC) still have a fairly active community by observing posts on social media.
Terra Classic still has active validators as well, and just recently a governance proposal was introduced that 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 rate 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 has had a lackluster week compared to the digital currency’s siblings.
LUNA 2.0 is up 7% this week, but the new crypto asset that stems from the Terra Phoenix blockchain is down 76.6% during the past month. Out of more than 13,000 crypto assets in existence today, LUNA 2.0 commands the 124th position with a $273 million market cap. The once-stable coin UST’s market capitalization ($477.73M), on the other hand, holds the 87th position.
Tags in this story
Anchor, decentralized finance, DeFi, defillama.com, depegged, depegging, LUNA, Luna 2.0, LUNA 2.0 token, LUNC, LUNC DAO, Markets, markets and prices, Once-Stable Coin, Risk Harbor, TerraUSD, UST, Validators
What do you think about UST’s and LUNC’s recent jumps in value during the last seven days? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
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