Terra tokens USTC and LUNC were the first dominoes to fall which led to the onset of the crypto bear market last year. Now just over a year later, these cryptocurrencies are leading the market rally, displaying extreme bullish strength and potentially making a comeback.
Terra Luna Classic – previously known as LUNA – has skyrocketed by 20% today, achieving a market capitalization of over $1 billion. The token’s price has more than doubled over the past week and tripled over the past month. According to CoinMarketCap, $LUNC is now the 55th largest cryptocurrency in the market and is currently priced at $0.00018.
Meanwhile, TerraClassicUSD – previously known as UST – has also entered the list of the top 100 cryptocurrencies by market capitalization. It is now the 90th largest cryptocurrency with a market cap of over $535 million. USTC has more than tripled its price over the past week, appreciating close to 500% in the past month – the token is currently trading at the $0.06 mark.
Why Is Terra Classic Pumping?
After the Terra Luna crash of last year, both USTC and LUNC were valued at $0 for all intents and purposes. However, members of the Terra community remained confident that the cryptocurrencies will make a comeback, a belief that is now being rewarded.
The Terra ecosystem received a major boost on the 27th of November when Binance Futures listed the USTC Perpetual Contract for trading, with up to 50x leverage.
Furthermore, Mint Cash – a permission-less, Bitcoin-backed payments system – announced a potential revival of the Terra ecosystem, Anchor Protocol and USTC, this time collateralizing the stablecoin with BTC. Aleph Research is also contributing to the project, with its executive director Daniel Hong claiming that the revamp plan will rebuild “what the original Terra stablecoin failed to deliver”.
Mint Cash has also announced an airdrop for pre-crash $UST and $LUNA holders, a move that is generating significant interest in the Terra Luna community. The combination of Binance’s futures listing and the Bitcoin-backed Terra revival plan resulted in a strong surge of value in both USTC and LUNC.
On the 1st of December, Binance also announced that it has burned close to 4 billion LUNC tokens to create supply scarcity and potentially boost Terra Luna Classic’s price. The largest crypto exchange has now burned over 43 billion LUNC tokens, which comprises a majority 52% of the total community-driven burn.
Finally, the Terra Luna Classic Community unanimously voted to pass Proposal 11890 “Upgrade to v2.3.2 (Sequence Mismatch Issue Resolution)”, which has also positively impacted LUNC’s price.
While LUNC and USTC have displayed extreme bullishness over the past month, analysts are also warning about a potential price crash. Indeed, Terra Luna Classic has corrected 4% over the past hour while TerraClassicUSD has plummeted by 7% over the same period.
Could $TGC Be The Next Cryptocurrency To Pump?
A new GambleFi cryptocurrency $TGC is also showing all indications of a potential bull rally. $TGC – the native cryptocurrency of the TG.Casino platform – is currently in its presale phase, in which it has already raised over $3.3 million in just two months.
TG.Casino is an innovative crypto casino that offers anonymous gambling services without the burden of any KYC verification or account setup. More importantly, players do not even have to download any additional applications and can avail of all its services on the powerful messaging app – Telegram.
TG.Casino’s integration with Telegram offers numerous key advantages including higher user adoption, seamless UI and protection by end-to-end encryption.
To provide additional layers of security, the platform has recently been KYC’ed by AssureDeFi and is licensed by the Curaçao Gaming Control Board. Furthermore, the TGC smart contract has been audited by Coinsult, which revealed no major vulnerability.
TG.Casino’s Telegram-based approach has excited smart-money traders, with crypto millionaire Erick Stevens believing that the project could capture Rollbit’s market share. Indeed, Stevens highlighted that a crypto whale sold a substantial amount of its $RLB holdings to purchase $150k worth of $TGC.
Similar to Terra Luna Classic, $TGC investors will receive a boost from period token burns. The project has announced that a portion of the casino profits will be used to buy $TGC in the open market, 40% of which will be burned and the rest will be distributed as staking rewards.
The TG.Casino Staking Pool is currently offering an APY of 180%.