LUNC and USTC backed by the Terra Classic community showcased gains following 800 million USTC burn proposal and Fed announcement.
The cryptocurrencies backed by the Terra Classic ecosystem, LUNC and USTC, recently amassed noteworthy attention among crypto market fanatics as the tokens showcased significant upward market trajectories on Thursday. Moreover, the rise in prices comes amid the proposal of burning of USTC, stirring speculations across the broader crypto market.
Intriguingly, the price surge also comes amid a recent fed announcement, boosting traders’ confidence.
However, in contrast to the price drop witnessed by the Terra Classic-backed tokens in recent days, the announcement of unchanged interest rates accompanied by a colossal burn proposal appears to have jacked up the LUNC and USTC prices.
Why The Price Upswing?
The price upswing witnessed by USTC is primarily attributed to the recent proposal of burning 800 million USTC tokens via Lunanauts, Terra Classic Luna validators. This comes as an effort by the Terra community to build further support for their token, as the price dropped significantly recently.
In addition, another chronicle appears to have bolstered the price pump witnessed by the Terra Classic tokens.
Amid the U.S. Federal Reserve’s recent announcement of unchanged interest rates for the three times consecutively, traders’ and investors’ confidence in the crypto market appears to have skyrocketed. Concerning this, the LUNC price and the USTC price seem to have soared today.
LUNC and USTC Price Analysis
As of writing, the LUNC price noted a jump of 3% over the past day, currently trading at $0.0001741. However, the token seems to have amassed bearish sentiments following its price-down surge over the past week. In contrast to the past week’s fall, the token’s surge today appears to have caught the eyes of crypto traders globally.
Moreover, even the USTC price recorded a marginal jump of 0.53% in the past 24 hours, currently resting at $0.03967. Concurrent with the LUNC’s price drop over the past week, the USTC price also appears to have mirrored the fall, down swinging 12% over the past week.
Besides, the price soar witnessed by the tokens today comes primarily in alignment with the recent USTC burning chronicle escorted by the Federal Reserve’s announcement.
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