LUNA Increases 167% After The Rise Of LUNC
As of now, Terra’s LUNA has increased by 167% in value. It became the biggest gainer cryptocurrency today among the top 100 coins. This phenomenon appeared immediately after the significant increase of LUNC. Will Terra come back from here?
According to data from CoinMarketCap, the value of LUNA has climbed by 166% over the past 24 hours to reach a price of over $5 at the moment. It’s an unexpected increase for a coin that has been hovering around the $2 level since early June with little movement. Over the past day, the price surged as high as $6.87, reaching a maximum 247% increase since the day’s beginning on September 9.
The original Terra ecosystem collapsed in May. LUNA Classic is the original coin, while LUNA is a new coin from the rebooted blockchain network.
Previously, LUNC had almost lost 100% of its value in May, but with the “determination” to rebuild the Terra empire, Do Kwon really created a new coin to revive the money ecosystem. electronics have collapsed.
In the past few days, LUNC has witnessed a dizzying increase, in the same period of last week, LUNC has reached an increase of 180%. Despite a 20% drop in the past 24 hours as the speculative fever subsides, LUNC is still up nearly 56% this week at its current price of $0.000043.
LUNC’s increase can be attributed to the proposed 1.2% burning tax on tokens. With this tax at the end of each transaction, billions of tokens could be burned daily. The proposal was created in the hope of helping to reduce supply in the market, mitigating the consequences of the previous crash in May.
Why the rebooted LUNA is up so big today is less clear. It could be an aftershock from LUNC’s momentum, effectively piggybacking on it while catapulting to even greater percentage gains in the process. Terra also recently launched a claim process for LUNA Classic holders who didn’t receive the new token when the network relaunched, with 19.5 million LUNA available.
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