Terra Classic Lunc skyrockets by 62% in 24 hours, gains over 145% in 7 days. Here’s why

  • The token has outrun the overall crypto market and leaders like Bitcoin and Ethereum on Thursday. Its monthly gain is now triple-digit in percentage terms.

Pooja Sitaram Jaiswar
Updated1 Sep 2022, 10:40 PM IST
Currently, Terra Classic is among the top trending tokens in the cryptocurrency market.
Currently, Terra Classic is among the top trending tokens in the cryptocurrency market.(REUTERS)

Terra Classic, a rebrand of the original Terra chain, skyrocketed by nearly 62% in 24 hours. The token has outrun the overall crypto market and leaders like Bitcoin and Ethereum on Thursday. Its monthly gain is now triple-digit in percentage terms. Meanwhile, the new Terra chain called Terra Luna climbed more than 17%. Currently, Terra Classic is among the top trending tokens in the cryptocurrency market.

On CoinMarketCap, at the time of writing, Terra Classic (Lunc) is trading at $0.000268 up by 61.94%. Its market cap is around $1.76 billion.

Meantime, Terra Luna is trading at $1.99 up by 17.24% with a market cap of $253.32 million.

As per the exchange, on a real-time basis, Terra Classic has skyrocketed by more than 145% in the past seven days. While in a month, the token has blossomed with a strong upside of over 165%.

The reason behind the upbeat sentiment in Terra tokens can be due to LUNC’s V22 network upgrade.

Further, the northward direction in the Lunc, can be attributed to Terra's launch of a new Governance Alert Bot that will alert investors to the latest governance activity happening on Terra.

The Governance Alert Bot allows investors to have the latest updates on governance activities linked to Terra (LUNA).

Also, earlier this week, Terra's proposal for funding 50,000 $Luna for further development of Entropy Beacon by Entropic Labs had been successfully passed. The Entropy Beacon is an open-source and community-owned tool for secure random number generation.

Through its Twitter account, Entropic Labs stated that the first and main priority is to bring the ease of development that Luna developers know and expect to the Entropy Beacon system.

Further, 40% of the funds, an equivalent of 20,000 LUNA are earmarked for the creation of a subsidization pool. Entropic Labs said, "This will make the Beacon cheaper for those building off of, and using it." They are also in the process of developing a 'Vault' contract for custody of the funds.

According to Entropic Labs, the creation of the “Entropic Community Vault” brings into possibility more cool decentralized infrastructure tools for the terra ecosystem. Currently, these are in the early planning stages.

Terra surpassed the overall crypto market with flying colours on Thursday.

The global crypto market is trading currently at $967.24 billion down by 1.33% over the last day. The total crypto market volume over the last 24 hours is $64.64 billion, which makes a 13.15% decrease. The total volume in DeFi is currently $5.80 billion, 8.97% of the total crypto market 24-hour volume. The volume of all stablecoins is now $59.31 billion, which is 91.76% of the total crypto market 24-hour volume, as per CoinMarketCap.

In the last 24 hours, Bitcoin and Ethereum have slumped around 2%. Bitcoin is below $20,000 mark and Ethereum struggles at around $1530.

The booming performance of Terra Classic has gone viral on Twitter and many are wondering whether the token has what it takes to reach the peg of $1.

Earlier, this year, in May, Terra tokens USD and old Luna collapsed with reportedly $40 billion wealth wiped out from the market making many investors poorer.

The after-effect of the flash nosedive in old Terra tokens led to fear in the crypto market and everything went ballistically hay way for the market, investors, and companies. Terra's collapse is a reminder of how fragile and vulnerable the crypto market is.

The crypto market is still struggling to keep up with the volatility that began with Terra's crash in May. There is a liquidity crunch in the market with many crypto exchanges halting their trading and some opting for bankruptcy. While hedge funds like 3AC went into liquidation. The struggle is intense.

To recover the loss in old Terra tokens, Terraform Labs co-founder Do Kwon launched Terra 2.0 in May this year. Under 2.0, the original Terra chain has been rebranded as Terra Classic, while a new chain called Luna has been created with the existing name Terra and made available for trading.

Replying to a Lunc investor, the CEO and Founder of Eight Global Michael Van De Poppe tweeted on Terra Lunc reaching $1 again. He said, "will never happen".

Terra tokens are far away from the peg of $1. However, it will be keenly watched if these tokens actually have the potential to create a new history.

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First Published:1 Sep 2022, 10:40 PM IST
HomeMarketsCryptocurrencyTerra Classic Lunc skyrockets by 62% in 24 hours, gains over 145% in 7 days. Here’s why

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