The Highest Price Since the Terra Collapse
With the trading volume picking up pace, Terra Classic jumped to its highest price tag since the rebranding that followed the protocol’s crash.
At the same time, the new token that emerged from the fallout increased by minimal percentages.
- LUNC is among the best performers in the past 24 hours as the majority of the market strives to regain some of the recent losses.
- The asset is up by 25% as of now, but it had skyrocketed by about 80% earlier today. At one point, it traded close to $0.00045, which became the highest price level in over three months.
- As CryptoPotato repeatedly reported back in May, the Terra ecosystem collapsed when the native algorithmic stablecoin – UST – lost its parity with the dollar that was supposed to be pegged with.
- In a matter of days, both UST and LUNA (as it was called at the time) plunged to mere cents, wiping out billions of their own market cap as well as a large portion of the entire crypto market.
- In an attempt to salvage the project or what was left of it, the Terra team decided to rebrand LUNA into LUNC and created a new token, taking the original name. Now, that one trades at $2 after a minor daily increase.
- LUNC’s price surge now comes with a massive increase in the trading volume, which went above $2 billion on a daily scale.
I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.