Terra Classic (LUNC) Defies Market Trend and Surges 36% in 24 Hours: What Prompted This?

Terra Classic (LUNC) is defying the prevailing market trend by trading in positive territory, while assets like Bitcoin (BTC) and Ethereum (ETH) are experiencing losses. LUNC has recently witnessed a significant surge of 30% within a 24-hour period, primarily driven by the latest advancements within its ecosystem.

LUNC Almost Equal With LUNA 2.0

One notable development is the recent rebel-2 testnet upgrade conducted by the Layer-1 Joint Task Force (L1JTF) on May 31st. This upgrade, known as v2.1.0, aimed to align the testnet version of LUNC with Luna 2.0 and Cosmos, bringing the blockchain closer to parity with these platforms.

The successful upgrade of the testnet to v2.1.0 signifies that the L1JTF plans to upgrade the mainnet to the same version on June 14. This upcoming development will enhance the functionality of LUNC by enabling developers to migrate their projects from the Cosmos and Luna 2.0 networks. The proposal for the mainnet upgrade to v2.1.0 is currently open for discussion, and the process of governance voting is scheduled to commence on June 7.

USTC Re-peg Hope Revived

Another positive development in the LUNC ecosystem involves the announcement made by the L1JTF regarding their intention to bring TerraClassicUSD (USTC) back to a value of $1. The L1 Team has disclosed their plans to allocate a portion of the Q2 compute fund to establish a test environment. This test environment will be used to evaluate the necessary conditions for re-establishing the peg of USTC to the US dollar.

Professor Edward’s AI Chain

Furthermore, the LUNC community was recently given a preview of Block Entropy, an AI chain application developed by Professor Edward Kim. Screenshots of the app were shared by Vinh Nguyen, a developer from L1JTF, and LuncBurnArmy (LBA), the project manager.

The shared screenshots showcased the AI capabilities of the upcoming chain app, providing a glimpse of what users can expect upon its official launch. These images also emphasized that the project is in its final stages, indicating that it is nearing completion.

The increase in burns, particularly attributed to contributions from Binance and DFLunc, has further fueled optimism in the ongoing revitalization process. Additionally, there has been a significant rise in staked LUNC recently, approaching the milestone of 1 trillion LUNC for the first time in history.

LUNC Surged Over 36% in 24H

Significantly, amidst these advancements, LUNC experienced a notable surge in value. Starting from $0.00008445 at midnight on May 4, it reached a 6-week high of $0.00011550 by 23:00 on the same day. This rapid surge represented a substantial increase of 36.7% in less than 24 hours. However, the asset encountered resistance at the $0.00011550 level.

Although facing resistance, LUNC concluded May 4 with an outstanding gain of 29.64%, marking its most significant intraday increase since September 2022. Furthermore, LUNC remains up by 10.90% over the past 24 hours, making it the top gainer among the leading 100 assets. Presently, LUNC is being traded at a price of $0.00009983.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.