Blockchain News

Terra Classic Shoots 30% in a Day; Why is LUNC Price Rising?

Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, has experienced a substantial increase in value, offering a glimmer of hope during a period of bearish sentiment. The recent gains can be attributed to the proactive initiatives undertaken by the LUNC community, which aim to bolster the network’s utility and overall appeal.

As of the latest update, LUNC is now being traded at $0.0001083, showcasing an impressive gain of 28.59% within the past 24 hours. This surge in value has resulted from heightened buying pressure, driving LUNC’s market capitalization to reach an impressive $635.9 million. CoinMarketCap data reveals that a staggering $138 million has poured into the token in just a single day.

This remarkable rise in value has propelled LUNC to the top ranks of the cryptocurrency market in terms of trading volume. Notably, LUNC currently holds the position of the 7th most traded cryptocurrency on Binance’s spot market.

The resurgence of LUNC follows the much-anticipated news of the v2.1.0 upgrade proposal, which has garnered significant attention from the crypto community. The upcoming release, scheduled for June 14th, signifies the third major upgrade to the Terra Classic blockchain.

The v2.1.0 upgrade aims to align Terra Classic with other prominent blockchains, such as Terra 2.0 and various Cosmos chains. This alignment will provide projects and developers with the opportunity to utilize the Terra Classic chain as a viable option once again

The forthcoming upgrade introduces several notable features and improvements. Validators will now receive a minimum 5% commission, fostering fair compensation within the network. Additionally, the integration of Cosmwasm and two security updates promises enhanced reliability and security for the platform.

Moreover, the upgrade includes various other significant changes. The WasmVM upgrade, for instance, brings the multichain capability to the platform, expanding the potential of Terra Classic. Furthermore, the upgrade is expected to bolster interoperability across different Cosmos chains, promoting seamless integration.

Alongside the network upgrade, LUNC has been benefiting from other community-driven initiatives, such as the burning of excess tokens, which contributes to enhancing the network’s overall utility. Additionally, Terra Classic enjoys ongoing support from reputable entities, including the prominent Binance crypto exchange.

With the Terra Classic community striving to regain relevance in the crypto market, leading finance experts have shared their optimistic views on the asset’s price outlook. Leo Smigel, the visionary behind Analyzing Alpha, particularly emphasizes the community’s efforts to revitalize the platform through a unified approach, ensuring a smooth transition towards sustained growth.

As Terra Classic (LUNC) continues to ride the waves of its recent surge, propelled by significant upgrades and community initiatives, the future appears promising for this revitalized ecosystem. Investors and enthusiasts eagerly await the release of the v2.1.0 upgrade, as it promises to propel Terra Classic to new heights, reestablishing its position as a strong contender in the crypto market.


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