The last few days in the cryptocurrency market have been scary for many investors, as a huge group of altcoins has suffered brutal losses on behalf of the Securities and Exchange Commission (SEC) of the United States and its incessant war against decentralization and the evolution of the American financial system.
However, there is a group of digital assets that have managed to overcome the onslaught of the US regulator, among which are Bitcoin (BTC), Ethereum (ETH) and Terra Luna Classic (LUNC). Yes, against all odds, LUNC is giving important signs of life with continuous bullish signals that have positioned it as one of the most winning cryptocurrencies of this Tuesday, June 13.
And that’s not all, the ICO section has also managed to overcome the strong blows of the SEC to become even more attractive to millions of investors who are looking to generate the returns they are losing with Cardano (ADA), Polygon (MATIC), Solana (SOL) or Dogecoin (DOGE), just to mention four. In this sense, Wall Street Memes (WSM) joins the market as one of the most interesting proposals of the moment, but we will get there.
With a name that assumes fraud, fear and billionaire losses, LUNC is surprising the entire market since the first week of June, as it has generated higher and higher returns amid a bearish trend that is slowly beginning to dominate the industry. Recall that before the Terra ecosystem fell into disaster by May last year, Terra Classic was trading at a high of $116.
Of course, once the Terra ecosystem fell out of favor, CUNC’s value plummeted, along with its stablecoin sister UST, squandering more than $40 billion in valuation by market cap. This led to many investors losing all their funds, as well as hope for a recovery at some point in history. Sure, the reconstruction efforts came and everyone laughed, but who’s laughing now?
The recent upward movements in the price of Terra Luna Classic are throwing balms of hope for the entire community that insists on keeping this cryptocurrency in their wallets. To get an idea, in the last 30 days, this token has generated returns by 5.56%, while last week this number already exceeded 2% and for the last 24 hours it exceeds 5.3%.
Now, we must not leave aside that in the last six months the value of this particular cryptocurrency has fallen by more than 43%, while so far in 2023, until June 13, its price has melted by more than 35%.
The price of LUNC continues to be very volatile and speculation about upcoming developments to improve the ecosystem in which it lives that have made news on social networks are being the key to the rise in its value.
An example of this is the update called ‘Terra Classic V2 1.0’, which would be only 24 hours away from being active. To this we should add the LUNC Burn Army, a group that has shared comments on Twitter on several occasions and that this June 8 became a trend by reminding its followers about this update.
“We are ready for the upgrade to parity next week, on June 14. On the day of the upgrade, the string and dApps will not be available during the upgrade. With this it will be necessary to update the extension of the station (…) TFL has informed us that this depends on Google’s approval times and that it could take several days. This means that there will be downtime for dApps using the Station extension, until Google approves this component. The station that will be available. This is a necessary part of upgrading to parity and we appreciate everyone’s patience as we look forward to Google applying the update.”
According to them, such an update will serve to equate Terra Luna Classic with other blockchains, which in turn would allow independent developers and crypto projects to start building on the blockchain again.
The same upgrade would allow validators to earn commissions of up to 5% for running nodes on the mainnet. As explained from BewsBTC, “the greatest excitement as the community anticipates the V2 1.0 update to parity must have rubbed off on Terra Luna Classic.
image by : Copyright: kviztln
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