Terra Classic regains a market capitalization of $1 billion as LUNC surges 25% in a week
Terra Classic (LUNC) is starting to rebound despite a large decline in value due to the collapse of the Terraform Labs ecosystem.
In reality, despite the volatility of the markets, LUNC has for the first time since December 14 regained a market value of $1 billion as of December 27.
The achievement is the result of a Terra Classic rally that began on December 26, with LUNC now trading at $0.00017, up 13.95 percent in the last twenty-four hours and 27.25 percent in the previous week, with a total market capitalization of $1.01 billion after adding over $220 million in seven days.
The most recent event took place after the community voted on a new proposal that would reverse a decision to transfer fifty percent of all LUNC burns to a community development fund.
Ed Kim, an associate professor of computer science at Drexel University, has introduced a new concept that is gaining steam in the wake of the turmoil within the Luna Community. In reality, Proposal 11168 (Joint L1 Task Force) is now up for a vote, which is one of the causes causing the price of Luna Classic to increase.
The community as a whole is preparing many development projects with the goal of revitalizing LUNC. Specifically, the rate at which LUNC tokens are being burnt to boost the asset’s value has increased on the network.
Notably, the price of Terra Classic continues to rise because of the increasing backing from established companies. Binance has initiated the voluntary burning of LUNC spot and margin trading fees.
Meanwhile, one-day emotions for LUNC on TradingView are optimistic. Summary technical analysis indicates ‘buy’ with a score of 12 while moving averages indicate ‘buy’ with a score of 9. At 3, oscillators also provide a purchase signal.
In contrast, PricePredictions’ machine learning technology forecasts a negative development for LUNC. According to this forecast, the market value of LUNC on January 1, 2023, might be as low as $0.000126.