Battle-scarred LUNC unexpectedly rose 8% in a bearish market


  • Terra Luna Classic (LUNC) is among the most popular weight gainers today.
  • LUNC L1 Task Force It aims to restore parity with Proposition No. 11511.
  • The forked version, LUNA 2.0, has rebounded from an all-time low.

The community behind the once thriving Terra ecosystem is making efforts to revive the blockchain a year after nobody The biggest financial disaster In the modern era. In May 2022, Terra’s stablecoin Terra Classic USD (USTC) has lost its currency peg and is down to just 2 cents against the dollar. Moreover, the algorithmic stablecoin has been halved into sister token Terra (LUNA).

the LUNC community He votes on Proposition 11511, which could be crucial to the future of the Terra ecosystem. The V2.0.1 upgrade proposal includes a plan that will restore parity between Terra Luna Classic (LUNC) and LUNA 2.0. Ultimately, this could mean that dApps that are currently in the relaunched version of Terra can also run on Terra Classic.

Big Surprise: The Terra Ecosystem Is On The Rise?

Following the news of Proposition #11511, all three tokens of the Terra Luna ecosystem are up by double digits. First, the native altcoin Terra Luna Classic has gained 8.3% in the green and is now trading at 0.00009022 USDaccording Queen Gekko.

On the other hand, the relaunched version of Terra’s alternative currency Terra (LUNA) rose 3.3% to start off the bottom it reached yesterday. At the time of publication, Terra is trading at $0.992177, according to Queen Gekko.

Last but not least, Terra Classic USD It increased by 11.7% over the past 24 hours. However, the broken algorithmic stablecoin is still trading at just $0.016. Furthermore, the LUNC community has tried Revive the fallen The stablecoin via Proposition 11487, which would charge a spacing fee on transactions in order to fill the staking USTC vault to restore the peg.

on the flip side

  • LUNC is still trading below the key long-term support level at $0.0001.
  • LUNA reached its lowest point yesterday and traded below the $1 resistance level.

Why should you bother

The May 2022 Terra Luna crash led to nearly $2 trillion worth of crypto assets, causing mass hysteria among crypto investors and long-term reputational damage.

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