The community-led Terra Classic (LUNC) now has a market cap of $3.3 billion, approximately 12x higher than the controversial Terra LUNA’s $258 million as the project offers multiple initiatives to boost demand, like token burning and attractive staking opportunities.
Luna Classic’s value increased by little more than 111% from $0.000215 on September 2 to a two-month high of $0.0005087 at the time of writing.
The token has gained 280% over the last 30 days as momentum is still in its favor due to the possibility of a 1.2% tax being implemented, which might result in a significant asset burn.
Also Read: What Is Terra 2.0? Know Everything About LUNA 2.0 Airdrop!
When the UST stablecoin lost its dollar peg in May, the Terra ecosystem implosion was set off. With the LUNA token, UST functioned under an algorithmic pegging method to control supply and demand, hence regulating its price.
Given the problems surrounding the entire Terra ecosystem, it is rather astonishing that it moved to $0.0005797 in less than three months. How much further will LUNC advance? Well, we have to wait and watch because markets may be extremely volatile and anything can happen during the current crypto winter.
Also Read: Why Terra Luna is Crashing Down with its Stablecoin UST?
