Terra Classic (LUNC) has gained more than 70% in the past 24 hours following the news around the revamping of stablecoin USTC.
According to crypto market data from Coinmarketcap, LUNC’s price has surged over 74% with over $1 billion in trading volume in the past 24 hours. LUNC has seen a sharp spike in price in a month that has recorded more than 300% gains.
The surge in LUNC has come after recently increased interest in the Terra ecosystem and the revival of USTC stablecoin. Terra is gradually coming back to the spotlight with major announcements, including Binance’s launch of perpetual contracts for USTC.
The pump in LUNC is also coinciding with the recent surge in the Bitcoin price, which broke $40,000 earlier today. Alongside, the news of Binance burning over 4 billion LUNC tokens in its 16th burning event has also continued the token’s skyrocketing market price.
Both LUNC and USTC tokens are rebranded versions of LUNA and UST, which crashed terribly in May 2022.
Also read: Terraform Labs’ gambit pays off as USTC surges 300%
