Terra Classic up nearly 40% in less than a week

The price of Terra Classic (LUNC), the token of the controversial Terra project, has risen by almost 40% in less than a week, from USD 0.00013 to USD 0.00018. In doing so, it regained the price it had nearly a month ago, then fell slightly.

As of this writing, the token is trading at USD 0.00016, according to Coingecko data. Despite its price correction at this level, it still shows a 26% gain in one week for its investors.

According to records, all other cryptoassets have not risen more than 7.3% in the past seven days. Therefore, LUNC is positioned as the fastest growing asset in the crypto-currency market for the week. Meanwhile, the two most traded assets, bitcoin (BTC) and ether (ETH), fell by about 1.3 percent over the same period.

The surge came after Binance, the crypto-currency exchange with the largest global trading volume, completed the second Terra (LUNA) drop. The gift was offered this week to eligible users who held Terra Classic (LUNC) and Terra Classic USD (USTC).

Such an event came two months after the Terra Classic network reduced the burning of LUNC tokens in an effort to boost their rise and make them more useful after their plunge in May. And, in response, Binance lowered its deposit and withdrawal fees. Since then, however, the price of LUNC has not rebounded.

Despite LUNC’s rise this week, its price is still far from its best. The asset hit its all-time high of USD 116.1 in April 2022, a month before Terra’s token collapsed to near zero. Since then, its highest price was reached in August, at USD 0.00051, according to Coingecko data.

The plunge in Terra tokens this year has led the crypto-currency community to question their value. And it has cost its investors a lot of money, including savings and homes in some cases. So it remains to be seen if they will ever recover their prices.