Terra Classic Continues To Brush Off Market Downtrend, Buy Now?

The crypto market has been bleeding lately, and leaders like Bitcoin and Ethereum have been on a downtrend. In addition, the Securities and Exchange Commission’s crackdown on top trading platforms Coinbase and Binance has further made things worse as the crypto winter has persisted. 

However, while the massacre caught up with most coins, Terra Classic (LUNC) remained in the uptrend, emerging as the number 1 gaining cryptocurrency over the past 24 hours.

Terra Classic (LUNC) Making Bold Rebound Moves

LUNC surprised market participants over the past week as it continued pulling weight amid bearish trends in the crypto market. Before the disaster enveloped the Terra ecosystem in May 2022, Terra Classic (LUNC) traded at an all-time high of $116. 

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LUNC’s value plummeted following the crash of Terra blockchain’s stablecoin UST, wiping over $40 billion valuation for the token’s market cap. Several investors lost hope of recovering their loss until several rebuilding initiatives emerged.

However, LUNC’s recent price movements have shone a ray of light in the dark tunnel for the Terra Classic community. At press time, LUNC is still on the upward trajectory and has been so for over one week. 

Terra Classic (LUNC) price has increased by 10.04% over the past 24 hours, with an 11.59% price surge in the last seven days. Also, the token price has rallied 8.60% over the past 30 days. Terra Classic now trades at $0.00009638. 

Ecosystem Improvements Are Pushing LUNC Price

LUNC’s price has been reacting to community buzz around notable upcoming ecosystem developments. For instance, the proposed Terra Classic v2.1.0 upgrade is only 24 hours away from commencement, while the LUNC Burn Army shared several tweet threads on June 8, reminding the community about the upgrade. The team highlighted the expected key improvements on the blockchain after the upgrade.

According to the LUNCBurnArmy, the upgrade will bring Terra Classic to parity with other blockchains, allowing developers and projects to start building on the chain again. The LUNC community is now counting down to the upgrade scheduled to go live on June 14 at 14:11 UTC.

This upgrade will also allow validators to earn a 5% commission for running nodes on the mainnet. The increased excitement as the community anticipates the upcoming v2.1.0 upgrade to parity must have rubbed off on 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 boost investor interest in LUNC. LUNC’s community and social sentiment has improved lately and is evident in the increased trading volume and LUNC staking.

Data from Mr. Diamondhandz1 shows that the number of staked LUNC hit 1 Trillion on June 10. This milestone achievement could be among the factors pushing LUNC’s price. Also, CoinMarketCap data shows that LUNC trading volume has risen by 106% over the past 24 hours while its market cap is up by 10.74%.

Featured image from Pixabay and chart from TradingView.com