Mysteriously,TerraUSD (UST) and Luna Classic Withdrew This Week, and UST Rose 470%.

 

TerraUSD (UST) and Luna Classic (LUNC), the Terra blockchain‘s two most popular crypto assets, have seen their value rise sharply against the US dollar in recent months. LUNC is up 96.3 percent in the previous seven days, whereas UST, a coin that was formerly stable, is up 472.4 percent in the last seven days.

Luna Classic and UST Coin Increases Significantly Against the US Dollar

Cryptocurrencies are known for having assets that will never go away. Luna classic (LUNC) and TerraUSD (UST), a former stablecoin that is sometimes referred to as terraclassicusd, seem to be examples of this (USTC).

Terra’s new token, LUNA, is being referred to as Luna Classic. From October 2020 until May 9, 2022, UST was stable and maintained $1 parity. UST depegged on June 18, 2022, at a price of $0.006 per unit, which was a record low.

When it comes to the $0.006 per unit low, the stock has increased 617.5% subsequently. This week, UST jumped 472.4 percent to $0.0926 per unit. On Thursday, June 30, UST’s 24-hour trading range was between $0.04217516 and $0.081822, despite a decline in value following that surge.

As of May 9, LUNC was trading at $82 per unit; just four days previous, it was trading at $82 per unit. There were highs and lows on the day of de-peg, but by the next day LUNC was trading at $27 a unit.

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LUNC Has Increased Miraculously

Since then, LUNC has fallen to an all-time low of $0.000000999967 four days after the depegging incident. LUNC has increased 96.3 percent this week, but it has risen 10,577 percent from its all-time low. UST had a 24-hour trading volume of $522.60 million and LUNC had a 24-hour trading volume of $545.87 million at the time this article was written.

LUNC is currently worth $812,399,236 on the open market, with 6,907,072,876,045 LUNC in circulation. There are currently 10,254,324,366 UST in circulation, giving UST a market value of approximately $477.73 million.

573,636,728 UST is still locked in the Anchor protocol, therefore UST holders are still using it. The Terra Station wallet’s Anchor savings mechanism promises an annual percentage yield of 16.26%. (APY).

Furthermore, according to defillama.com statistics, the decentralized finance (defi) risk management marketplace Risk Harbor holds $9.23 million in LUNC. In terms of social media, the Terra Classic chain and Luna Classic (LUNC) still have a large following.

Also, a new proposal was just proposed that would provide all validators 10% of the total revenue. LUNC DAO, a particular validator, tweeted to its 29,000 followers that the validator was opposed to a minimum commission rate of 10%.

There were 37.04 percent votes in favor and 24.80 percent votes against the plan as of the time of this writing. However, the new LUNA 2.0 token has had a poor week in comparison to its brothers.

However, the Terra Phoenix blockchain-based cryptocurrency, LUNA 2.0, is down 76.6 percent in the last month. LUNA 2.0 is now the 124th most valuable cryptocurrency out of more than 13,000 active cryptocurrencies. Market capitalization of the once-stable coin UST, on the other hand, is at $477.73 million.