Should you buy Terra Classic despite market downturns?
The cryptocurrency market has recently experienced a decline, with leaders like Bitcoin and Ethereum being on a downtrend. Additionally, the Securities and Exchange Commission’s crackdown on top trading platforms Coinbase and Binance has made things worse as the crypto winter persists. However, while most coins were affected, Terra Classic (LUNC) remained in an uptrend, emerging as the number 1 gaining cryptocurrency over the past 24 hours. LUNC surprised market participants by continuing to perform well despite the bearish trends in the crypto market. Before the disaster that enveloped the Terra ecosystem in May 2022, Terra Classic (LUNC) traded at an all-time high of $116. LUNC’s value plummeted following the crash of Terra blockchain’s stablecoin UST, wiping over $40 billion valuation for the token’s market cap. However, LUNC’s recent price movements have shone a ray of light in the dark tunnel for the Terra Classic community. At press time, LUNC is still on the upward trajectory and has been so for over one week. LUNC’s price has been reacting to community buzz around notable upcoming ecosystem developments. For instance, the proposed Terra Classic v2.1.0 upgrade is only 24 hours away from commencement, while the LUNC Burn Army shared several tweet threads on June 8, reminding the community about the upgrade. The team highlighted the expected key improvements on the blockchain after the upgrade. This upgrade will also allow validators to earn a 5% commission for running nodes on the mainnet. As one of the most anticipated events on the Terra ecosystem since the May 2022 disaster, v2.1.0 generated enough buzz to boost investor interest in LUNC. LUNC’s community and social sentiment have improved lately and is evident in the increased trading volume and LUNC staking.