Plans to revive the previously “dead” or even defunct Terra Classic network have come into play, resulting in an increase of almost 1900% from last year’s June low of $0.00004885. The community-led project has implemented several initiatives to stimulate demand, including token burns and attractive staking opportunities. Terra rises from the ashes? Here are the details.
LUNC capitalization had some success
After a troubling start, months of absence and exemplary silence, Terra Classic (LUNC) is in the process of attracting some investors. Indeed, while the overall picture of cryptocurrencies is in the red, the price of LUNC has risen by about +160% in the last 7 days. With an increase of over 57% just a few days ago, LUNC is currently trading at $0.00025868. Of course, it is still a long way from the (ATH) peak of $119 reached on April 5, but in the medium term it is solid considering the little tragedy it has experienced.
In addition, LUNC’s market capitalization has grown significantly, from $716 million last August to nearly $2.23 billion today. Moreover, while some are now calling LUNC a scam token, others continue to build on the old network and develop new projects that can be interpreted as the start of long-term success. In short, Terra 2.0 may quickly find its glory!
Why this resounding success?
Terra Classic, which is a blockchain that retained the source code before the fork, passed into the hands of the community after founder Do Kwon abandoned it. The latter created Terra (LUNA), and this is a new form, completely independent of the old blockchain. Please note that this community includes the LUNC DAO, an organization that you can now delegate your LUNCs to to support the famous token burn.
The deployment of LUNC tokens became possible after the network upgrade to version 22 in August last year. Moreover, on the same day, their holders staked 182 billion LUNC tokens, or 2.6% of the total supply compared to the number of tokens in circulation. Three days later, 402 billion LUNC tokens were staked, representing approximately 6% of the supply.
According to the LUNC Burner tool, more than 3 billion LUNC tokens are currently completely retired by burning.
While the Terra Classic community continues to prove its resilience and confidence in LUNC, everyone is wondering if it can truly revive what was once one of the most capitalized cryptocurrencies on the market. The plan of salvation that we are now witnessing may work.
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