Let's see why
Terraform Labs acquired over 25 million TerraClassicUSD (USTC) tokens last week with a massive $500K investment. This gave USTC a big boost in confidence and liquidity, boosting its price by 300%. This momentum strengthened LUNC as well.
Over 74 billion LUNC tokens have been destroyed so far through the ongoing burn tax mechanism, reducing supply and driving up prices. This is a key factor in the price increase, as the supply of LUNC tokens is decreasing while demand remains relatively constant.
LUNC is being used to build new DeFi projects on the Terra ecosystem. This is helping to create new demand for the token and drive up its price.
Terraform Labs is working on a new stablecoin that will be collateralized by Bitcoin (BTC). This could be a major positive development for LUNC, as it would provide the token with greater stability and value.
Investors are getting interested in discounted crypto assets again after the crash, bringing fresh capital into LUNA. This is helping to support the price of LUNC.
Overall, the LUNC token has seen a significant increase in price due to a number of positive factors. The token is being used to build new DeFi projects, is being burnt through the ongoing burn tax mechanism, is being used to build a new stablecoin, and is being bought by investors who are interested in discounted crypto assets. These factors are all contributing to the price increase and could continue to do so in the future.
It is important to note that there is no guarantee that the LUNC token will continue to rise in price. The cryptocurrency market is volatile, and prices can fluctuate significantly. Investors should carefully consider their own risk tolerance and investment goals before investing in any cryptocurrency.
Thanks for reading, following and supporting guys! Keep calm and just HODL it 🚀🚀🚀
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