In the past 24 hours, the Terra Classic (LUNC) price has shocked the market with a sudden 50% pump, hitting the $0.000116 level.
LUNC has seen a remarkable resurgence thanks to multiple catalysts, but sustainability remains a question mark hanging over the token’s future trajectory.
This article analyzes the drivers behind Terra Classic’s pump and identifies three additional altcoins that could post double-digit gains in the coming days.
Terra Classic Price Surges Due to Strategic Investment & Token Burns
The recent surge in LUNC can be attributed to two key catalysts.
Firstly, Terra Classic Labs (TCL) invested approximately $500,000 into TerraClassicUSD (USTC), an algorithmic stablecoin tied to the Terra ecosystem.
This investment, involving the acquisition of 25.6 million USTC at $0.021 per token, was a strategic move under TCL’s Treasury Reserve Policy aimed at stabilizing USTC’s liquidity and bolstering recovery efforts.
The investment significantly boosted USTC’s price, which surged over 300% in just one day.
This ripple effect helped propel LUNC’s price higher, renewing confidence and hopes of reviving the broader Terra ecosystem.
Secondly, LUNC’s automated token burn mechanism has substantially reduced its circulating supply.
For over a year, the network has implemented a 0.5% burn tax on transactions – a fee that permanently LUNC from circulation, leading to the destruction of more than 74 billion tokens.
Binance has been actively participating, conducting 15 separate burns totaling nearly 40 billion LUNC.
Although the burn rate has slowed recently, these burns have helped contribute to LUNC’s rising price.
Overall, TCL’s investment in USTC and the ongoing token burns have boosted optimism and helped drive the LUNC price higher.
Which Other Altcoins Could Surge This Week?
While Terra Classic’s price action is impressive, several other altcoins in the market are also being eyed for their promising price prospects.
Heading into the new week, here are three cryptocurrencies that stand out as contenders to potentially post significant gains:
1. Bitcoin Minetrix (BTCMTX)
The first altcoin investors may wish to watch this week is Bitcoin Minetrix (BTCMTX).
Bitcoin Minetrix is a decentralized cloud mining platform that enables users to stake BTCMTX tokens and earn BTC rewards.
As the world’s first stake-to-mine project, Bitcoin Minetrix provides users with cloud mining credits, which are then burned to generate mining power or a share of mining yields.
This innovative mechanism makes cloud mining accessible for retail investors by eliminating upfront costs and hidden fees.
Additionally, Bitcoin Minetrix’s staking protocol offers APYs of over 130%, providing two ways for users to generate passive income.
Although still in development, Bitcoin Minetrix’s presale has raised over $4.4 million in funding, showcasing the growing buzz from the investment community.
All in all, Bitcoin Minetrix’s groundbreaking model and ambitious roadmap position it as a potentially compelling investment opportunity ahead of BTCMTX’s open market debut.
2. Meme Kombat (MK)
Meme Kombat (MK) is an emerging crypto project that combines memes and combat gaming on the Ethereum blockchain.
The platform’s Battle Arena allows players to watch and bet on fights between popular meme-inspired characters using the native MK token.
These unpredictable, AI-generated battles feature characters with unique stats and abilities, such as Pepe the Frog and Doge.
Winners can earn additional MK rewards and other prizes while benefiting from Meme Kombat’s staking protocol, which offers APYs of over 410%.
Staking rewards are paid out daily – creating a dual-earning mechanism that could prove fruitful for Meme Kombat’s players.
Meme Kombat is currently hosting a presale for its native MK token, with investors able to get stock up on MK before the first exchange listing.
At the time of writing, MK tokens are on offer for just $0.214 – a price point that’s set to rise in three days.
With 50% of the total MK supply earmarked for presale investors and over $2.1 million already raised, Meme Kombat’s growing traction in the GameFi sector could make it another token to watch this week.
3. Illuvium (ILV)
As a final altcoin to watch, the decentralized gaming project Illuvium (ILV) is showing strong potential for gains this week.
Illuvium is developing an expansive blockchain gaming universe, including an open-world exploration title where players can capture Illuvials, mine resources, and benefit from true digital asset ownership.
The native ILV token facilitates governance, staking rewards, and in-game purchases.
Several factors suggest that ILV could surge this week, including the growing interest in crypto-gaming projects, which has pushed the token’s price up 8% in the past seven days.
Total ILV staking has also jumped to over $330 million, indicating increased investor confidence in the ecosystem.
With the ILV price up 129% since last month, the medium-term trend looks bullish – hinting that the token could post further gains this week if engagement continues rising.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
The project in the above article is not related to Bitcoin or to a Bitcoin ETF. It’s a completely different token.
Readers are also advised to read CryptoPotato’s full disclaimer.
This article first appeared at CryptoPotato