- LUNC and USTC drew attention among crypto enthusiasts last Thursday due to a significant upward trend in token prices.
- Interestingly, the price increase coincided with a recent Federal Reserve (FED) announcement, boosting traders’ confidence.
- As of the time of writing, LUNC has recorded a 3% increase in the last day and is currently trading at $0.0001772.
Cryptocurrencies supported by the Terra Classic ecosystem, LUNC, and USTC, have gained momentum, attracting attention: What’s happening in the ecosystem?
LUNC and USTC Prices Rose on Thursday
Recently, cryptocurrencies supported by the Terra Classic ecosystem, namely LUNC and USTC, drew attention among crypto enthusiasts last Thursday due to a significant upward trend in token prices. Additionally, price increases, coupled with the proposal to burn USTC, sparked speculation in the broader crypto market.
Interestingly, the price increase coincided with a recent Federal Reserve (FED) announcement, boosting traders’ confidence. However, it appears that the proposed substantial burning proposal contributed to the price increase in response to the announcement of unchanged interest rates, countering the recent price decline experienced by Terra Classic-supported tokens.
The price increase observed in USTC is primarily linked to the recent proposal to burn 800 million USTC tokens through Lunanauts and Terra Classic Luna verifiers. This emerges as an effort by the Terra community to provide additional support for the tokens amidst a significant recent price drop.
Furthermore, another story appears to strengthen the price pump of Terra Classic tokens. During the recent announcement of the Federal Reserve’s decision not to change interest rates three times in a row, it seems the confidence of traders and investors in the crypto market soared. In this context, both LUNC and USTC prices appear to be on the rise today.
LUNC and USTC Price Analysis
As of the time of writing, LUNC has recorded a 3% increase in the last day and is currently trading at $0.0001772. However, it seems that the token has accumulated bullish signals following a recent downward trend in prices last week. Contrary to last week’s decline, today’s increase seems to have caught the attention of global crypto traders.
Additionally, the USTC price has also seen a small 2% increase in the last 24 hours and is currently resting at $0.03996. Since the USTC price reflected the same decline as LUNC’s last week following the drop, it appears to have experienced a 12% decrease. Moreover, the price increases observed in the tokens today seem to align with the USTC burning story that accompanied the Federal Reserve’s announcement.
