Various developments have been happening in the Terra Classic’s ecosystem, and it is reflected in the charts. Its native coin $LUNC is now trading at $0.00009382, around a 3% increase from the previous day. Also, it shows an increase of 11.86% in the past 30 days.
After the original Terra ecosystem collapsed to -100% levels in 2022, the network was split into two, causing the formation of Terra Classic (LUNC). There weren’t many developments in the network until the Terralabs completely shut down and the community took over the control.
Also, various crypto exchanges and other platforms are in support of the Terra Classic community, and many traders expect a sudden bull run of LUNC. Will it reach $1? This was the question posed in various forums and web3 groups.
What is Causing this Surge? The Terra Classic Revival So Far
There are various reasons for LUNC’s uptrend, including the community’s takeover of the control, Binance’s recent token burn, and the movements in the larger crypto market. Let’s take a closer look.
- Community Engagement: Recently Terraform Labs received approval from the US Court to close its operations after it agreed to settle the lawsuit. Also, the platform has given control of the network to the community. The Terra Classic community now has access to key accounts and dashboards of Terraform Labs, and they are trying hard for the revival.
- Binance’s Token Burn: When this month began, Binance burned around 1.14 billion LUNC tokens, causing a rise of 10% in the price. This decrease in supply will further increase the price and attract new investors.
- Crypto Market Sentiment: The crypto market as a whole is in a better position to gain investments. As Bitcoin reaches a bull phase, traders expect the altcoin boom to happen soon, and LUNC probably will be one of the coins to pump.
Formation of Terra Classic: What Happened to Original Terra?
Terra was launched by South Korean entrepreneurs as a startup to help web3 enthusiasts trade cryptocurrencies. The company launched a stablecoin USTC and was highly successful until it failed to keep up the $1 peg balance with the US dollar. It caused a sudden collapse of the platform, and holders nearly lost around 40 billion dollars.
This affected not only the Terra ecosystem, but the whole crypto market saw red candles. However, after two years, the LUNC token has almost shown a +471.04% surge from the lowest point. Let’s check its current market cap and other details
The $LUNC Token: Present Trading Details
| Token Ticker | $LUNC |
| Contract Address | 0xbd31ea8212119f94a611fa969881cba3ea06fa3d |
| Total Supply | 6.79 Trillion LUNC |
| Circulating Supply | 5.71 Trillion LUNC |
| Market Cap | $549.58 Million |
| Price Per Coin | $0.00009382 |
| 24-Hour Trading Volume | $50.48 Million |
Will $LUNC Reach $1? A Realistic View
To be honest, the $1 thing seems like a tagline to attract new investors. This happened to Dogecoin, back in 2021, when most of the meme coin’s marketing was driven by the story of it reaching $1 soon. But, Dogecoin collapsed around 0.7 dollars, causing huge losses to the traders and its passionate community.
However, as a coin that had an all-time high of $119.18, we shouldn’t ignore the possibility of it reaching 1 dollar. If the community is strong enough and instead of cheap marketing, they rely on better use cases of the coin, it will reach the target.
The Terra Classic community is cooking up new developments and proposals to revive the coin, and we can hope for the best. As of now, be cautious while trading it as it is in an uncertain position. Do your research on LUNC deeply and work accordingly.
