✍️ 7 September, 2022 – 9:40 👤 Editor: Jakub Motyka
- Terra Luna Classic (LUNC), the fork of LUNA after the fall of UST, has doubled in price in the last week.
- The crypto market is surprised with the meteoric ascent of Terra Luna Classic’s new crypto, LUNC.
- What will happen to the new LUNA?
Terra Luna Classic (LUNC), the chain resulting from the LUNA fork after the UST cataclysm, has doubled in price and capitalization in the last week. As the downtrend rages within the crypto market, the old Terra blockchain has given a lot to talk about since the release of its new staking system.
The price of the LUNC token has been on the rise for several weeks, making daily and weekly closings in the green, contrary to the rest of the market. The geopolitical situation and the economic fundamentals do not seem to faze Terra Classic, which has surpassed the mark of two billion dollars of market capitalization. This represents a x7 in a period not exceeding three months, at the same time that cryptocurrencies suffer the consequences of having fallen below a trillion dollars in total market capitalization.
What Is Happening To Terra (LUNA) After The Revival Of Terra Classic (LUNC)?
The new staking service on the old Terra Classic blockchain has generated a stir within the crypto market. This is due to the amazing performance it offers, being more than 1% per day, and the future plans for the network. In the last 30 days more than 266,000 new wallets have been created in a network that was thought to be extinct.
On the other hand, Terra 2.0, the new blockchain product of the fork, has continued to fall along with the market without being able to stay above 200 million capitalization. Contrary to what many believed, the LUNA token has not had the desired acceptance. Many investors, including CZ, the CEO of Binance, expected a massive burn of LUNC Tokens instead of a hard fork. This has made public opinion around the token and the network bad from the start.
The Cryptocurrency Community Is Teetering Between Hype And Irony
Despite the above, the cryptocurrency market is aware that Tera 2.0 and Terra Classic are responsible for the fall of UST and everything it triggered. Even more so when the development team has not given a detailed report on the facts and reasons behind the event.
Both the community and international justice point to Do Kwon as one of the main culprits in the fall of UST. However, many users defend him and encourage him to continue in such a way that it is sometimes difficult to know his intentions.
More crypto news:
- Poolin Stops Withdrawals Of Bitcoin Due To Liquidity Problems
- Crypto Crash Today: Bitcoin (BTC) Falls To $19,000 In A Few Minutes
- Terra Luna Classic (LUNC) Crypto Community Is Not Messing Around
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