LUNC, a token of the original Terra Luna Classic chain, rose over 49% ahead of the weekend. The token rose to a one-month high on hopes that brands would return with a new value proposition.
LUNC is one of the tokens that emerged as an alternative after the collapse of Terra (LUNA). The project was split into Terra 2.0 We used to use our own LUNA token, but some of our community has migrated to LUNC.
LUNC goes vertical based on short-term hype | Source: Coin Gecko
Two tokens, LUNC and LUNA, are competing for a possible comeback. LUNC rose to $0.000040, and LUNA also traded at a one-month high at $0.09. Both assets have posted near-vertical gains in the past 24 hours, signaling a possible comeback for the brand.
LUNC temporarily outpaced LUNA’s growth, and LUNA is also aiming to revive its brand.
Why did LUNC soar?
LUNC achieves vertical rise through exposure. During Binance Blockchain Week, moderator Wearing old Luna T-shirts, I introduced my defunct project.
Despite Terra’s collapse, the brand and native token remained. Due to the resilience of crypto assets, LUNC and LUNA remained as memes and built a community proposing the idea of rebooting the protocols with better risk management.
The rise of LUNC and LUNA FTTthe native token of the bankrupt FTX exchange.
LUNC showed that this is not a dead coin, trading at its highest volume level since January. Daily trading volume has increased 10x over the past 24 hours from a baseline level of approximately $10 million to ~$128 million. visitor In response to the token rally, the number of visits to the Terra Classic website has also increased over the past day.
LUNC also responded by concentrating trading with legacy pairs, which are very active on Binance. Since this asset has not been delisted, this trading pair could quickly absorb trades based on the hype.
Tokens have yet to show whether this rise is sustainable and whether the Terra Classic chain can deliver value. Currently, the DeFi value of this chain is limited and located below. 1 million dollarswhile users are trying to revive TerraSwap, a major DEX.
Is the LUNC rally sustainable?
LUNC fell just after reaching a one-month high. This token is relatively illiquid and unknown outside of the community. LUNC has held similar gatherings in the past, mostly due to community hype. This time, LUNC increased its mind share as follows. 193% However, this metric is based on a very limited social media presence.
The Terra Classic chain is preparing for an upgrade that will make it another competitor in the DeFi space. However, it could take a long time for the chain to rebuild liquidity.
LUNC and LUNA may be in the spotlight even more as Terra founder Do Kwon’s sentencing is scheduled for December 11th. While this event may further fuel the hype, Kwon has no other ties to the project.
prediction market Many traders are furious about the issue, but most predict a sentence of 9 to 12 years.
