Home » Terra Classic (LUNC) outperforms the rest of the cryptocurrency market – What’s going on?

Terra Classic (LUNC) outperforms the rest of the cryptocurrency market – What’s going on?

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In less than a week, LUNC’s share price has risen significantly in the midst of an otherwise lackluster market, and has seen its market capitalization surpass $1 billion. And for good reason, a plan of action for the next few months has been submitted to the Terra Classic governance forum, which seems to be attracting real interest from the ecosystem community.

LUNC on the rise

In the midst of a cryptocurrency market that is struggling to show signs of life, a few crypto-currencies sometimes stand out and show a sudden and powerful rise.

This is the case for LUNC, the Terra Classic blockchain token, which continues to advance in its bullish rally that began on the evening of December 21. The price of LUNC has risen from $0.000126 to $0.000183 in just a few days, an increase of over 44%.

LUNC rate for the current month of December

LUNC rate for the current month of December


Thus, for the first time since December 14, LUNC’s market capitalisation has risen above the symbolic billion dollar threshold. In other words, LUNC’s market cap has increased by more than $310 million in the space of five days.

LUNC's market cap development in the current month of December

LUNC’s market cap development in the current month of December

Terra Classic development continues

Firstly, it should be noted that the current LUNC rally started on December 22nd, the day of the second airdrop of LUNA tokens by Binance to those who held LUNC in the 2 snapshots taken last May.

Secondly, and perhaps most motivating to investors, Edward Kim, Associate Professor of Computer Science at Drexel University and now a recognized figure in Terra Classic, submitted a new proposal to the ecosystem’s DAO regarding the future of blockchain.

The Joint L1 Task Force aims to present an action plan for the next 4 to 6 months and foresees many updates and implementations. Most importantly, to achieve this, it plans to hire and pay 4 developers within Terra Classic, 3 of them full time.

This includes Tobias Andersen, better known as “Zaradar”, who should work on the reinstatement of staking, token delegation, the burn mechanism, and other more technical specifics that you can find on the dedicated forum article.

According to the proposal, the budget estimate for the first quarter exceeds $141,000, which would be deployed in a phased manner at each month end. This is equivalent to approximately 991 million LUNC tokens based on a price of $0.000143 per token.

Thus, the Terra Classic community is once again proving its resilience and desire to see LUNC and its ecosystem rise from the ashes, a craze that stands in stark contrast to LUNA, which has only $173 million in market capitalization, about 6 times less than LUNC.

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