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Terra Classic (LUNC) Outperforming Top 100 in Gains, What's Happening?

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Sat, 24/12/2022 - 10:17
Terra Classic (LUNC) Outperforming Top 100 in Gains, What's Happening?
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Terra Classic (LUNC) rose for the third consecutive day after the price rebounded from lows of around $0.00012. LUNC rebounded from lows of $0.000128 on Dec. 22 and reached intraday highs of $0.000147 at press time.

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At the time of publication, LUNC was trading up 5% at $0.000146. LUNC's performance comes as the market faces slight selling pressure in the last 24 hours. The crypto market valuation is down 0.09% as several cryptocurrencies recorded slight losses.

LUNC is outperforming crypto assets in the top 100 by market capitalization, with the majority in this class recording losses at press time. LUNC's price started a rise shortly after crypto exchange Binance announced the completion of its second round of LUNA airdrops.

On Thursday, Binance announced on its website that it had completed the second round of Terra (LUNA) distribution to eligible users who owned Terra Classic (LUNC) and Terra Classic USD (USTC) during the snapshot.

Following the collapse of the Terra ecosystem in May, the old Terra chain was rebranded Terra Classic, with tokens LUNC and USTC. For affected users, Terra Rebirth proposed a new LUNA token airdrop.

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The LUNC community remains abuzz with activities in its bid to bring restoration to the project and its users. The LUNC token burn continues at a steady rate, while various proposals are in different phases of development.

Recently, validators on the Terra Classic network voted to approve 937.5 million LUNC for Terra Rebels to make it independent of TFL (Terraform Labs).

An ongoing proposal (Prop 11111) to repeal the reminting of 50% of the burned LUNC is also in the voting process.

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