In less than a week, the price of LUNC has risen significantly in the midst of a sluggish market, and has seen its market capitalization exceed one billion dollars. And for good reason, an action plan for the next few months has been submitted on the Terra Classic governance forum, which seems to arouse real interest among the community of this ecosystem.
The LUNC on the rise
In the midst of a cryptocurrency market that is struggling to show signs of life, a few cryptocurrencies sometimes stand out and show sudden and powerful growth.
This is the case of LUNC, the token of the Terra Classic blockchain., which continues to progress in its bullish rally that began on the evening of December 21. The LUNC price thus went from 0.000126 to 0.000183 dollars in a few days, which is an increase of more than 44%.
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LUNC prices for the current month of December
Thus, for the first time since December 14, the market capitalization of LUNC has gone back above the symbolic threshold of one billion dollars. In other words, the market cap of LUNC increased by more than 310 million dollars in the space of 5 days.
Evolution of the market capitalization of LUNC over the current month of December
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The development of Terra Classic continues
First, note that the ongoing LUNC bullish rally started on December 22, i.e. the day of the second airdrop of LUNA tokens operated by Binance for people who held LUNC during the 2 snapshots taken last May.
Secondly, and this is undoubtedly what motivated investors the most, Edward Kiman associate professor of computer science at Drexel University and now a recognized Terra Classic figure, has submitted a new proposal to the ecosystem’s DAO regarding the future of blockchain.
Please share comments and suggestions on the L1 task force proposal. https://t.co/HZImbkosZu
—Edward Kim (@edk208) December 24, 2022
titled ” Joint L1 Task Force “, the latter aims to present an action plan for the next 4 to 6 months and plans many updates and various implementations. But above all, to achieve this, it plans to hire and pay 4 developers within Terra Classicincluding 3 full-time.
This includes in particular Tobias Andersonbetter known under the pseudonym “Zaradar”, which should notably work on the reinstatement of staking, the delegation of tokens, the burn mechanism, and other more technical specificities that you can find on the dedicated forum article.
According to the proposal, budget estimate for the first quarter exceeds $141,000which would be rolled out gradually at the end of each month. This equates to approximately 991 million LUNC tokens referring to a price of $0.000143 per token.
Thus, the Terra Classic community once again proves its resilience and its desire to see the LUNC and its ecosystem rise from their ashes, a passion that contrasts sharply with the LUNAwhich only has a market capitalization of $173 million, i.e. about 6 times less than the LUNC.
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Sources: Figure 1 – TradingView, Figure 2 – CoinGecko
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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