Battle-Scarred LUNC Unexpectedly Rises 8% in Market Downtrend

  • Terra Luna Classic (LUNC) is among the day’s top gainers.
  • LUNC L1 Task Force aims to restore parity with proposal #11511.
  • The forked version, LUNA 2.0, bounced back from an all-time low.

The embattled community behind the once-thriving Terra system is putting effort into reviving the blockchain a year after one of the largest financial disasters in the modern era. In May 2022, Terra’s stablecoin Terra Classic USD (USTC) lost its peg and dropped to just two cents on the dollar. On top of that, the algorithmic stablecoin shredded to pieces the sister token Terra (LUNA).

The LUNC community is voting on proposal #11511, which could be crucial for the Terra ecosystem’s future. The proposal for the V2.0.1 upgrade implies a plan that would restore parity between Terra Luna Classic (LUNC) and LUNA 2.0. Ultimately, this would mean that the dApps currently on the relaunched version of Terra could also work on Terra Classic.

Big Surprise: Terra Ecosystem on the Rise?

Following the news of proposal #11511, all three tokens of the Terra Luna ecosystem spiked in double digits. Firstly, the original altcoin Terra Luna Classic inked 8.3% in the green and now trades at $0.00009022, according to CoinGecko.

On the other hand, the relaunched version of Terra’s altcoin Terra (LUNA) also gained 3.3% to kick off from the bottom reached yesterday. At press time, Terra trades at $0.992177, according to CoinGecko.

Last but not least, Terra Classic USD soared by 11.7% in the last 24 hours. However, the malfunctioned algorithmic stablecoin still trades at just $0.016. Moreover, the LUNC community attempted to revive the fallen stablecoin via proposal #11487, which would enact a divergence fee on transactions in order to fill up the USTC staking vault to restore the peg.

On the Flipside

  • LUNC still trades below the long-term fundamental support levels of $0.0001.
  • LUNA reached its lowest point yesterday and traded below the $1 resistance.

Why You Should Care

Terra Luna’s collapse in May 2022 sent nearly $2 trillion in crypto assets down the drain, causing mass hysteria among crypto investors and long-term reputational damage.

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Written by on 2023-05-10 16:00:00.

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