LUNC’s price and market cap have more than doubled in recent weeks.
While the crypto sphere has slumped since the Fed announcements and is struggling to recover, the LUNC token, formerly called LUNA, no longer appears to be experiencing the crisis. After sinking lower than the earth, the token has risen sharply ever since.
While there is interest in the LUNC token and the court cases related to Do Kwon, the price of the token was looking worse and dying: it was the end of its life.
A Dead Token, Really?
However, the community seems to have woken up and tells everyone that when it is strong and united, changes are possible. And although unforeseen, in the case of the Terra Classic token, some investors now expect to receive more profits.
Looking at various aspects, one might be tempted to believe that the token is rising from the ashes, seeking to prove that it has several lives under its belt.
The price of the token has been on the rise for several weeks, with daily and weekly closings in the green and against what the cryptocurrency market is currently doing. Since mid-August, LUNC has seen its price increase by more than 100%, while its market capitalization has done the same.
In fact, the market capitalization doubled in parallel at the end of August and also exceeded one billion dollars, surpassing in the space of one night the two billion market capitalization: a level that had not been reached for a long time.
The bottom of the market capitalization for the digital asset was reached on June 8, with a value of 300 million dollars.
Therefore, the market capitalization has multiplied by 7 in less than three months, while the cryptocurrency market as a whole has lost capitalization during the same date.
LUNC Staking, A Successful First Step?
First, let’s get back to the heart of symbolic news. On August 26, 2022, the staking of the Terra Classic Blockchain was generally reopened with apparently amazing returns (+1% per day), but above all with many validators who promised to optimize the burning of tokens that would be delegated to the users from the fees charged by them.
The staking, available on the Terra Station Wallet, is currently a process that seems to be unanimous and sees the number of tokens deposited on the Terra Classic Blockchain increasing day by day.
After 5 days, the staking rate was 6.63% compared to the entire LUNC supply, i.e. over 457 billion tokens staking through the Terra Station Wallet. Now it’s close to 7%.
Terra Classic vs Luna, Which Has a Better Future?
At the same time, the activity that remains within the Terra Classic Blockchain can be demonstrated in various ways.
Beyond the daily trading volume that remains at interesting levels, the creation of new wallets is very important, with more than 266,000 new wallets created in the last 30 days, while the token did not seem to interest more people.
If the two Blockchains are compared, the one linked to LUNA 2.0 seems rather the one that is approaching the end of its life and the break-even point. Since the launch at the end of May, prices have continued to fall, while the market capitalization struggles to stay at $200 million, also in free fall.
Especially since this token has been consistently frowned upon by the community since its inception. On the contrary, all investors, and even Binance’s CZ, were expecting a massive LUNC token burn rather than a 2.0 release.
By Audy Castaneda
