The Terra Classic (LUNC) ecosystem is experiencing a notable increase in holders, with the number of wallets holding LUNC and USTC now surpassing 5.5 million, according to Cosmos blockchain explorer, ATOMScan.
This surpasses the total wallets of established cryptocurrencies such as Cardano and Shiba Inu. The milestone underscores the ongoing resilience of the Terra Classic community, which remains committed to the project’s revival after its May 2022 collapse.
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Support from major cryptocurrency exchanges, especially Binance, appears to be a key factor in the rising number of LUNC and USTC holders. Binance’s ongoing LUNC burn campaign has been particularly influential, with the exchange having incinerated over 40 billion tokens to date.
Similar initiatives by platforms like WEEX, which has recently listed LUNC spot and futures trading pairs, further contribute to reducing token supply and potentially driving up the value of these cryptocurrencies.
The increased wallet activity has coincided with a positive price trend for both Terra Classic assets. According to data from CoinMarketCap, LUNC has seen a 1.61% increase from its 24-hour low, finding significant support at the $0.000123 mark. Similarly, USTC has risen 2.78% within the past day.
Trading volumes for both LUNC and USTC have declined in the past 24 hours, although futures open interest and 1000LUNC figures have shown a slight rise. The positive market movement may be partially attributed to the enthusiasm surrounding Terra Classic’s impending v2.4.2 upgrade.
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The growth of Terra Classic’s network underscores its unique position in the crypto landscape. Despite setbacks, the community demonstrates unwavering support, fostering hope for the project’s long-term prospects.
This dedicated holder base, combined with initiatives from exchanges and developers, suggests that the potential for a substantial future price recovery remains a possibility. The cryptocurrency market is volatile.
As with all investments, there is an inherent risk. It is crucial to thoroughly research and understand the risks before investing in LUNC, USTC, or any cryptocurrency.
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