The value of Terra Classic (LUNC), the original chain of the collapsing Terra (LUNA) ecosystem, is rising due to increased buying pressure while the overall crypto market remains in a consolidation phase.
Terra Classic rallied 9% per day; Will LUNC hit $0.001?
Specifically, on the daily chart, LUNC is up over 9% to trade at $0.00015 by press time. The token continued its steady three-day gains, with the weekly chart showing LUNC rallying over 11%.
LUNC seven-day price chart. Source: Finbold
Also, the cryptocurrency, which has been performing against the market action recently, has witnessed a surge in capital inflows, reaching $935.08 million at the time of publication, with the token posting an inflow of around $100 million per week.
LUNC seven-day market cap chart. Source: CoinMarketCap
LUNC assembles amid continuous network development
Following the collapse of the Terra ecosystem, the community is focusing on an attempt to reinvigorate LUNC’s status through a series of sequential development activities. Specifically, the network witnessed the accelerated burning of LUNC tokens in an effort to further benefit the asset.
The most recent rally came at a time when the community voted on a new proposal that would reverse the decision to transfer 50% of all LUNC burns to a community development pool.
Terra Classic, in particular, continues to rebound after increased support for the token by established organizations. For example, crypto exchange Binance voluntarily burns LUNC spot and margin trading fees.
At the same time, the rally is a welcome development within the LUNC community, given that the token began to lose value after reports emerged that Terraform Labs founder Do Kwon was hiding in Serbia. LUNC also reacted negatively after core developers Edward Kim and Tobias Anderson announced they were leaving the Terra Rebels volunteer developer group.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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