Terra Luna Classic (LUNC) and its counterpart USTC have collectively surpassed the 5.5 million holder mark, signaling a continued interest in these digital assets. Although growth has slowed since the 2022 crisis involving Terra Luna, the user base has been steadily expanding, with leading exchanges like Binance playing a key role in this uptrend.
Continued Growth in Holder Numbers
Data from Cosmos blockchain analytics firm ATOMScan reveals that the combined number of LUNC and USTC holders has recently crossed the 5.5 million threshold. This resurgence of the Terra Luna Classic community owes much to the concerted efforts of validators and developers who have been dedicated to the blockchain’s recovery, pushing wallet numbers up from the 5 million mark. Terra Classic now boasts more accounts than prominent cryptocurrencies such as Cardano and Shiba Inu, which have 4.6 million and 1.38 million wallets respectively.
Cryptocurrency adoption continues to surge, with wallet numbers for leading cryptocurrencies witnessing an uptick. The persistence of Terra Luna Classic wallet holders, banking on a price recovery in a favorable market, is noteworthy. Additionally, a burning event led by the Binance exchange has positively influenced LUNC prices, with 53.48 billion tokens incinerated to date.
Impact of Token Burning and Market Movements
The collective efforts to burn LUNC have involved other exchanges and projects as well, all aiming to diminish the token supply and bolster community confidence. Following these burns, LUNC’s price enjoyed a 5% boost from a critical support level. However, a 40% drop in trading volume over the past day hints at a possible decline in investor interest.
Despite this, the total futures open interest for LUNC has risen by more than 2% in one day and 4% in the last four hours. The price of 1000 LUNC on platforms such as Binance and Bybit saw a 2% increase in recent hours, likely influenced by optimism surrounding the upcoming v2.4.2 upgrade. USTC’s price also climbed by 2% in the past day, trading within a 24-hour range of $0.0243 to $0.0266. Concurrent with these price movements, trading volume experienced a 40% reduction.
