Technology

Luna Classic (LUNC): a symbol of the future or just a hype? – BeinCrypto France

While the cryptosphere has been damaged by the FED announcements and is struggling to recover, the LUNC token, formerly called LUNA, does not appear to be in crisis anymore. After the token dropped below the ground, it has risen significantly since then.

Dead token, right?

While in Be[In]Cryptocurrency We continued to focus on the LUNC token and the legal cases related to Do Kwon, the price of the token looked at its worst and dying end of life.

However, the community seems to have woken up, telling everyone that when it’s strong and united, twists and turns are possible. And although it is unforeseen, in the case of the LUNA Classic token, some investors are now hoping to make additional profits.

Looking at several aspects, one might think that the symbol rises from the ashes, seeking to demonstrate that it has multiple lives.

The price of the token has been skyrocketing for several weeks, with daily and weekly closes in the green, which is contrary to what is currently happening in the cryptocurrency market. Since mid-August, LUNC’s price has surged 100% while its market cap has done the same.

Indeed, the market capitalization was duplicated in parallel at the end of August and also exceeded one billion dollars, surpassing the two billion market capitalization in one evening. A level that has not been reached for a very long time for an asset.

On June 8, the $300 million digital asset market capitalization bottom was reached. Thus, the market capitalization has increased 7 times in less than three months, while the cryptocurrency market as a whole has lost capitalization since the same date.

Bet LUNC, successful first move?

First, back to the center of symbolic news. On August 26, 2022, staking on the Terra Classic blockchain as a whole resumed with a clearly staggering return (+1% per day), but above all with many validators who promised to optimize token burning through part of the fees charged on tokens, which will delegated. them.

The staking available on the Terra Station wallet is currently a process that seems to be unanimous, and the number of tokens deposited on the Terra Classic blockchain is increasing day by day. After 5 days, the staking ratio was 6.63% compared to the entire LUNC supply, i.e. more than 457 billion tokens staked through the Terra Station wallet. Now it’s approaching 7%

Luna Classic vs Luna, who has a better future?

At the same time, the activity that remains on the Terra Classic blockchain can be demonstrated in several ways. Apart from the daily trading volume, which remains at interesting levels, the creation of new wallets is very important for the Terra Classic blockchain: over 266,000 new wallets have been created in the last 30 days, while the token does not seem to be of interest to more people.

If we compare the two blockchains, the one associated with LUNA 2.0 seems more like one that is nearing the end of its life and the break even point. Since launching at the end of May, prices have continued to fall while the market cap is struggling to hold on to $200 million, also in free fall. Especially since this token has been constantly deprecated by the community from the very beginning. On the contrary, all investors – down to Binance CZ – were hoping for a mass burn of LUNC tokens, and not for the release of version 2.0.

On Twitter, the token that has been at the forefront in recent days is indeed LUNC, which is a hot topic, especially in the Business and Finance category along with major tokens (Ethereum or other influencers in the cryptosphere).

Disagreements in the LUNC community?

However, nothing is perfect in the Terra or Terra Classic ecosystem. Indeed, the name change does not change the fact that the reasons that led to the collapse of UST (now USTC) and LUNC are still unknown, and one can only guess.

While Do Kwon’s character is highly controversial, being accused from all sides of the nefarious role he was supposed to take during the token crash last May, seeing the character cheer or cheer on social media by validators might seem amazing. Even if all this is done with a touch of irony and exaggeration.

Twitter

After the famous crash, it seems appropriate to treat everything related to the ecosystem with a grain of salt, given the difficulty of distinguishing truth from lies, or even “good” from “bad.” In addition, LUNC DAO, the same Twitter account that promotes Do Kwon and tries to lure stakers to Terra Station, has criticized validators offering zero staking fees on several occasions, claiming that they are trying to lure stakers before drastically raising fees in quiet way.

But above all, the closely monitored LUNC DAO wallet activities have been commented on for sending a large number of suspicious tokens. The controversy is internal to the community as it is the Twitter account reporting the LUNC burning that directly notified the LUNC DAO, requesting specific explanations for greater transparency.

Twitter

Although the golden era of the token seems far off when at the time ATH was over $100 and capitalization was over $40 billion, LUNC seems to be able to promise some surprises to its investors despite internal disagreements, especially with the dawn of the massive burn implementation scheduled for September 12th.

Denial of responsibility

All information on our website is published in good faith and for general informational purposes only. Any action taken by the reader based on information found on our website is done solely at the reader’s own risk.

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