Thursday, December 1, 2022

Here’s why Terra Luna Classic (LUNC) and USTC are suddenly rising

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Terra Luna Classic (LUNC) has gained 44% today and over 110% over the past seven days while TerraClassicUSD (USTC) has gained over 140% today and over 780% in the past seven days.

Both TerraClassic (LUNC) and TerraClassicUSD (USTC) had almost been forgotten by the greater crypto community over the past two months following the unfortunate Terra (LUNA) debacle that started with the de-pegging of the TerraUSD (USDT) stablecoin.

But the recent price hikes have brought the two cryptocurrencies back to the limelight.

According to CoinMarketCap, the number of LUNC holders has started to increase with the rising price and the same case applies to the USTC stablecoin holders. Between June 26 and today, the number of LUNC holders rose by about1.41%.

Why is USTC and LUNC price rallying?

One of the main contributors to the sudden rise of LUNC price and consequently that of the USTC stablecoin is the recent announcement by a metaverse venture called StarShip that it shall incorporate LUNC into its ecosystem. LUNC will be one of the payment methods in StarShip.

In addition, StarShip will also burn 1.2% of the total amount of LUNC that it will receive as payment.

A press release by StarShip read:

“LUNC will be implemented into the StarShip ecosystem as one form of payment within StarShip Universe, burning 1.2% of all LUNC received for these payments.”

StarShip is one of the biggest metaverses to be created and it recently released footage showcasing its gameplay. The MetaUniverse features 32,000 square kilometers of buildable area and is powered by the new Unreal 5 engine.

The crypto community welcomes the practical use case for LUNC and the partnership between StarShip and Luna reinforces each ecosystem.



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