The crypto market has been bleeding lately, and leaders like Bitcoin and Ethereum are on the decline. Furthermore, the Securities and Exchange Commission crackdown on top trading platforms Coinbase and Binance has made things even worse as the crypto winter continues.
Although Carnage grabbed the majority of coins, Terra Classic (LUNC) continued its upward trend, emerging as the No. 1 gainer in the cryptocurrency over the past 24 hours.
Terra Classic (LUNC) Making Bold Rebound Move
LUNC surprised market participants last week as it continued to lose weight amid a bearish trend in the crypto market. Terra Classic (LUNC) traded at an all-time high of $116 before disaster struck the Terra ecosystem in May 2022.
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The value of LUNC plummeted after the crash of Terra Blockchain’s stablecoin UST, wiping out over $40 billion of valuation for the token’s market cap. Many investors had lost hope of recouping their losses by the time several reconstruction initiatives emerged.
However, the recent price action of LUNC has shone a ray of light in a dark tunnel for the Terra Classic community. At press time, LUNC is still in an uptrend and has been so for over a week.
The Terra Classic (LUNC) price has gained 10.04% in the last 24 hours, while the price has gained 11.59% in the last seven days. Also, the price of the token has increased by 8.60% in the last 30 days. Terra Classic is now trading at $0.00009638.
Ecosystem improvements driving up LUNC value
The price of LUNC is reacting to community discussions around notable upcoming ecosystem developments. For example, the proposed Terra Classic v2.1.0 upgrade is only 24 hours away from launch, while the LUNC Burn Army shared several do Threads on June 8th to remind the community about the upgrade. The team highlighted the major improvements expected on the blockchain following the upgrade.
According to LUNCBurnArmy, the upgrade will bring Terra Classic into parity with other blockchains, allowing developers and projects to start building on-chain again. LUNC community is now countdown For the upgrade scheduled to go live on 14 June at 14:11 UTC.
This upgrade will also allow validators to earn 5% commission for running nodes on the mainnet. As the community looks forward to the upcoming v2.1.0 upgrade to parity, increased excitement may have taken over Terra Classic (LUNC).
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As one of the most anticipated events on the Terra ecosystem since the May 2022 disaster, v2.1.0 generated enough buzz to fuel investor interest in LUNC. The community and social spirit of LUNC has improved recently and this is evident in the increased trading volume and LUNC staking.
statistics Mr.Diamondhandz1 reveals that the number of LUNC stakes reached 1 trillion on June 10th. This milestone achievement could be one of the factors driving the price of LUNC higher. Furthermore, CoinMarketCap data shows that LUNC trading volume increased by 106% in the past 24 hours, while its market cap increased by 10.74%.
Featured image from Pixabay and Chart from TradingView.com
source: www.newsbtc.com
