Terra Classic (LUNC) is starting to recover despite a massive drop in value due to the collapse of the Terraform labs ecosystem.
LUNC is up 25% in one week! Will it continue?
In fact, despite the instability in the markets, LUNC recovered a market cap of $1 billion as of December 27 for the first time since December 14.
Terra Classic 1 month market cap chart. Source: CoinMarketCap
The turning point comes after the Terra Classic rally, which started on December 26; LUNC is changing hands at $0.00017, up 13.95% in the last 24 hours and 27.26% from the previous week, and its total market cap is $1,014 billion after hitting over $220 million in seven days.
Terra Classic 1 week price chart. Source: CoinMarketCap
LUNC rallied amongst the new offer
The most recent rally occurred as the community voted on a new plan that would overturn the decision to move 50% of all LUNC burns to a community development pool.
Following the uproar within the Luna Society, a new proposal was put forward by Drexel University associate professor of computer science; Ed Kim is getting attention. Indeed, Proposal 11168 (Joint L1 Task Force) is now up for voting, which is one of the factors driving the price of the Luna Classic.
Proposal 11168 (Joint L1 Task Force) is up for voting. The discussion is ongoing and can be found here. https://t.co/w8LeyFE0QW
— Edward Kim (@edk208) December 26, 2022
The community as a whole is focusing its efforts on reviving LUNC, planning several different development initiatives. Specifically, the network has seen an increase in the rate at which LUNC tokens are burned to increase the asset’s value.
Notably, the price of Terra Classic continues to rise due to increased support for the token from established organizations. As an example, Binance has voluntarily started burning LUNC spot and margin trading fees.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
