September 27, 2022

Capitalization of Terra Classic (LUNC) surpassed LUNA by 13 times

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As of September 8, 2022, the market capitalization of the Terra Classic (LUNC) cryptocurrency was $3.24 billion, which is about 12 times more than that of Terra (LUNA). Its total supply of virtual assets in circulation was just over $250 million. Thus, LUNC managed to take 26th place in the list of the best digital currencies

Experts said: plans to revive the Terra Classic network, which failed, have successfully entered into force. The value of the virtual asset has increased by 1920% since reaching the price low of $0.00004885 exactly 3 months ago. The project, which became community-driven, managed to implement several important initiatives that increased demand for the asset. During this time, the token burning mechanism was integrated, and the staking program was launched.

According to LuncStaking_Bot, 8.8% of LUNC’s total supply is currently frozen in smart contracts. This ratio has been steadily rising since the program was launched on August 27, 2022. On the first day, this figure was only 2.6%.

The experts noted that the management system, where the community controls the development of the product, aroused more confidence among traders than the new project created by the founder of Terraform Labs, Do Kwon.

Despite the launch of LUNA 2.0, market participants preferred the LUNC ecosystem. In addition, an additional reason for distrust was the fact that, since the collapse of Terra, Do Kwon and his colleagues have been subjected to many fraud allegations, including suspicions of money laundering through shell companies.

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