LUNA, LUNC, USTC surge as social activity skyrockets after key update

The three tokens of the Terra ecosystem — Terra (LUNA), Terra Classic (LUNC) and TerraClassicUSD (USTC) — have gained momentum following an update last week. 

The surge comes a week after Terraform Labs deployed $10 million worth of assets in three different liquidity pools. 

LUNA is up by 22% in the past 24 hours and is trading at $0.83 at the time of writing. The asset’s market cap rose to $490 million, making it the 99th-largest cryptocurrency. Terra’s 24-hour trading volume also witnessed a 400% surge, reaching $485 million.

According to data provided by the market intelligence platform Santiment, LUNA’s total open interest (OI) registered a 23% surge over the past day — rising from around $67.7 million to $82.4 million. 

Moreover, the price surge comes as Terra witnesses a 270% rally in its social activity over the past 24 hours, per Santiment. 

Luna Classic recorded a 42% hike in the past 24 hours and is trading at $0.00011 at the time of writing. LUNC’s market cap reached $661 million with a daily trading volume of $513 million — making it the 79th-largest crypto asset. 

According to the market intelligence platform, LUNC’s total OI increased by 54% in the past 24 hours — rising from $3.8 million to $5.8 million. 

In addition, per Santiment, Luna Classic’s social volume witnessed a 285% rally over the past day. Following the upward momentum, both LUNA and LUNC have gained a spot among the top trending cryptos on X (formerly Twitter), Telegram and Reddit, according to Santiment.

Furthermore, USTC’s 268% rally in the past 24 hours helped it gain the 96th spot among the top cryptocurrencies. The asset’s 24-hour trading volume soared by 2,300%, reaching a whopping $1.1 billion over the past day. USTC is currently trading at $0.063.

Following the deployment, the Terra ecosystem witnessed a 25% surge in daily transactions and a 900% surge in user activity.