In the world of cryptocurrencies, USTC and LUNC, two cryptocurrencies belonging to the Terra Classic ecosystem, recently amassed significant attention among crypto market enthusiasts as the USTC cryptocurrency witnessed a sudden increase, resulting in an increase in APR on staking.
The aforestated surge in APR on staking created a buzz within the cryptocurrency realm as investors and traders primarily acknowledge the advantages of staking cryptos, mainly due to passive income reasons.
Concurrent with the rise in APR on staking, the two cryptocurrencies witnessed a phenomenal price surge over the past few days. However, the tokens noted a substantial decrease over the past twenty-four hours.
APR On Staking Upswings
According to a recent X post by the Terra Classic community, the APR on staking is currently valued at 29.6%. Furthermore, the rewards for staking LUNC include USTC, as per data shared by validator.info, a platform showcasing on-chain metrics.
Apart from this, a user on X also confirmed the availability of USTC in the APR, stirring up speculation within the broader crypto markets.
The staking of cryptos potentially helps in regulating and validating transactions on any blockchain, offering aid in keeping the overall network stable, along with an incentive for crypto market enthusiasts to earn passive income.
Furthermore, the value of the total LUNC coins staked to date amounted to $99.99 million.
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LUNC and USTC Price Tumbles
At the time of writing, the LUNC price witnessed a substantial fall of 14.84% over the past twenty-four hours, reaching $0.00009603 today, November 28. However, over the past seven days, the token witnessed a phenomenal surge of 27.70%. Moreover, the token witnessed a colossal surge of 49.23% over the past month.
The highest price witnessed by the token during this period was evaluated at $0.0001241 while writing.
The USTC price also noted a significant decrease of 23.95% over the past twenty-four hours, reaching $0.0406 today. However, the token showcased a phenomenal upswing of 205.53% over the past seven days. Additionally, the cryptocurrency also noted a 233.95% surge over the past month.
The highest price witnessed by USTC during this period was evaluated at $0.07324.
Besides the price fall witnessed by the Terra Classic-backed tokens today, USTC and LUNC portrayed a dramatic jump in their prices over the past few days following the recent strategic acquisition of millions of USTC by Terra Classic Labs. The acquisition appears to have caused a ripple effect, pushing the LUNC price upward as well.
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