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- Over the past few weeks, Terra Classic is on a huge recovery.
- LUNC, the original Terra Luna coin, reported a drop in May as a result of the de-pegging of the TerraUSD (UST) stablecoin, which eventually resulted in the decline of the Terra blockchain.
- Currently, LUNC seems major to witness a huge recovery.
In the last few months, LUNC received over 300%. The token is trading at $0.0005317, according to the data for coinmarketcap. After the downturn since May, this is the highest elevation recorded in the last month.
Despite this rise, it is likely to get a fallback also, often witnessed in the cooling down of a rise. The newest rise comes when there is immense buying pressure. However, the buyer momentum will be drained up very soon due to the downturn in the wider market.
In the beginning of this month, the prices of LUNC united as the bears and bulls struggled to have command of the market. It looks like the Bulls are winning, but the demand could be drained off, and the prices may combine.
In the last 24 hours, LUNC is between the $0.000339 and $0.000441 bar, and the trading volume stood over $2 billion. With these data, LUNC is now the seventh-most traded cryptocurrency.
Terra Classic focuses 1000%
The rise of the last month has also helped LUNC in jumping up to the 28th position of the largest cryptocurrency by having $2.9 billion. The recent uptrend is cheery for the traders of the LUNC that invested after the downturn of May. But, the traders who have invested before May are still experiencing losses.
Before the downturn, LUNC secured its position in the first ten largest cryptocurrencies by market cap. Still, its price associated with the UST stablecoin was a prime weakness that witnessed it fall down after UST lost its peg.
The profits gained by LUNC are striking, given that the rest of the crypto industry is tensed. The overall crypto industry has hiked by 4.5% in the last 24 hours and fell by $1 trillion. Bitcoin has also recovered to trading during the June 2022 downturn, but no activities like this are hampering the momentum of LUNC.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
