Also, the original asset of the LUNC network showed a weekly increase of 78%

LUNA token gains by 198% in 24 hours

10.09.2022 - 10:30

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2 min

What’s new? According to aggregator CoinGecko, the token of the Terra (LUNA) network rose by 198,8% overnight to reach the $5,88 mark. At its peak during this period, the token’s rate reached $6,87. It should be noted that the original asset, which after the network’s collapse became known as LUNA Classic (LUNC) is still trading at the lowest levels, but for the past week, it also rose by 78,1% and reached a price of $0,00043149.

CoinGecko’s data

What is known about Terra? After the ecosystem’s collapse in May, the network was split. The original became known as Terra Classic, and its token was given the ticker LUNC. The new blockchain, which is a fork of the original, is called Terra, and it also took the original LUNA ticker. That said, Terra Classic is now fully governed by the community.

The growth of the LUNC rate is associated with the approved proposal to burn 1,2% of the transaction amount in the form of a so-called tax during each transfer of tokens on the blockchain.

In August, Terraform Labs (TFL) founder Do Kwon gave his first interview since the ecosystem’s collapse. Kwon talked about investor losses, fraud allegations, and law enforcement inspections. He noted that cryptocurrency is a kind of Wild West, and explained that the algorithmic stablecoin TerraUSD (UST) was under a lot of pressure, causing it to lose its peg to the US dollar.

Read more about why LUNC is rising in GetBlock Magazine’s editorial.

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