New hope for Terra Classic (LUNC)? While part of the Terra ecosystem and its founder Do Kwon have migrated to the new Terra Luna blockchain, a community is holding on and continuing to develop on the old network. New initiatives combining staking and burning have recently emerged, causing a colossal increase in LUNC. Momentum or long-term rise?
LUNC capitalization sees a meteoric rise
While we hadn’t heard about it for months, Terra Classic (LUNC) again seems to be finding interest with certain investors. Indeed, while the general table of cryptocurrencies is red, the LUNC observes an increase in its course of the order of + 160% over the last 7 days.
Figure 1: LUNC course over 7 days
With an increase of more than 57% over the last 24 hours, the LUNC is currently trading at $0.00025868. A value obviously far from its highest price (ATH) of 119 dollars reached on April 5but respectable on a medium-term vision since its descent into the abyss.
The market capitalization of LUNC also observes a considerable increase. While the latter was $716 million as of August 25, it exploded to $2.23 billion today as shown in the curve below:
Figure 2: 7-day LUNC market capitalization
Also, while some now call LUNC a scam token, others continue to build on the old network and develop new initiatives. The beginning of a long-term recovery?
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What are the reasons for this rise?
Terra Classic, the blockchain that kept the original pre-fork code, is passed through the hands of his community following its abandonment by its founder Do Kwonwhich has since migrated to Terra (LUNA), the completely independent new form of the old blockchain.
This community is particularly consisting of LUNC DAOan organization to which it is now possible to delegate its LUNCs to support token burn.
The staking of LUNC tokens was made possible following the Network upgrade to v22 on August 27. On the same day, 182 billion LUNC tokens had been placed in staking by their holders, i.e. 2.6% of the total supply (number of tokens in circulation). 3 days later, these are 402 billion LUNC tokens that are placed in stakingor about 6% of the supply.
According to tool data LUNC Burnerthese are currently more than 3 billion LUNC tokens which were completely withdrawn from circulation following their burn.
The Terra Classic community, which therefore continues to prove its resilience and confidence in the LUNC, will she be able to breathe new life into to what was once one of the most capitalized cryptocurrencies on the market thanks to its initiatives?
Sources: Figure 1 – CoinGeckoFigure 2 – CoinMarketCap
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