Terra Classic (LUNC) Shoots Up By 21% – What’s Behind The Energy?

Christian Encila

2 years ago

3 mins read

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Terra Classic (LUNC) emerges as a beacon of optimism in an otherwise gloomy market, captivating the attention of investors and traders alike. The chain, which represents the initial incarnation of the now-fallen Terra ecosystem (LUNA), has experienced a significant upswing in value, revitalizing interest in its potential.

This unexpected surge comes after a series of weeks marked by bearish sentiment, where investors had grown increasingly skeptical about the future of cryptocurrencies.

However, the recent success of Terra Classic has raised a pivotal question: Is this rally a genuine turning point for the Terra ecosystem, hinting at a potential resurgence, or is it merely a temporary surge amidst the unpredictable waves of the crypto landscape?

Increased Buying Pressure Drives Terra Classic Market Cap Up

LUNC has experienced a notable surge in value, as its price via CoinGecko soared to $0.00010624, reflecting an impressive 17.5% rally within a 24-hour period. This surge in value has solidified LUNC’s position as an emerging player in the cryptocurrency market, with the digital asset also showcasing a significant seven-day climb of 20.9%.

Source: Coingecko

The primary factor contributing to this remarkable price increase is the mounting buying pressure witnessed by LUNC. As per CoinMarketCap data, this surge has propelled LUNC’s market capitalization to an impressive $654.3 million, further adding to the cryptocurrency’s growing appeal among investors and traders.

Terra Classic Blockchain Upgrade Proposal Generates Excitement

The recent resurgence of LUNC can be attributed to the attention generated by the v2.1.0 upgrade proposal. This proposal, scheduled for release on June 14, marks the third significant upgrade to the Terra Classic blockchain.

The v2.1.0 upgrade brings a range of features and improvements to the LUNC ecosystem. The integration of Cosmwasm, a powerful smart contract execution engine, along with two security updates, promises to enhance the reliability and security of the LUNC platform.

LUNC market cap currently at $603 million. Chart: TradingView.com

Validators will receive a minimum 5% commission as a fair compensation incentive. This change aims to strengthen the network and incentivize validators.

LUNC has been benefiting from various community initiatives that contribute to its growth. The ongoing support of reputable entities like the Binance crypto exchange adds credibility and further boosts LUNC’s value.

Another initiative involves burning excess tokens to enhance the network’s utility. By reducing the token supply, this action increases scarcity, potentially driving up the value of LUNC.

As LUNC continues to evolve and gain attention, investors and enthusiasts eagerly await the upcoming release and its potential impact on the market.

-Featured image from Criptokio

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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