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Sharp Growth Of The Old Luna Token

In the last week of June, the old Terra ecosystem token LUNC, rose sharply in price and reached its maximum market capitalization for the…

LUNC price chart
LUNC price chart. Source: CoinMarketCap

In the last week of June, the old Terra ecosystem token LUNC, rose sharply in price and reached its maximum market capitalization for the past few months, namely $713,959,343.

As we wrote earlier, the crisis of Terra entailed a lot of problems. Firstly, this led to a domino effect, which even today has pulled previously stable projects to the bottom. Secondly, the governing bodies of many countries have decided to deal with this problem with regulation of stablecoins.

At the same time, the TerraForm Labs team have tried to revive Terra by creating the Terra 2.0 blockchain, which was supposed to save the company from the crisis and reduce investor losses. But today we will be talking again about the old blockchain, whose assets are now referred to as LUNC.

LUNC’s rapid growth began in mid-June, and by June 29, the price was at a record high for recent times. Further, according to the CoinMarketCap chart, the price of the token has fallen, but we can still see positive dynamics in comparison with previous weeks.

Interestingly, a group of financial analysts at the investment company “InvestmentU” shared their opinion on the growth of Luna Classic. According to their article, investors continue to actively invest their funds in the failed blockchain, the results of their last check showed that the volume of LUNC exceeded $500 million. But they believe that investors’ desire for profit with the help of LUNC is a failure.

«For once and for all, we’re hoping to warn investors away from LUNC crypto. The tech behind it is dead.» — analysts say.

Speaking of Terra, it is also impossible not to mention that the main whistle-blower of the ecosystem failure, a Twitter user with the pseudonym FatManTerra, who published a lot of insider information and exposed the founder of the network Do Kwon, launched his validator Luna 2.0 –UST Zone.

This is a non-profit validator with a 10% commission, created, according to FatManTerra, in order to support users affected by the collapse of Terra and help them recover at least some of the lost funds.

We doubt that there is a connection between the dramatic growth of LYNC and the opening of UST Zone, but both of these events show us that there is still a high interest in the Terra ecosystem. In the meantime, we will observe to see what happens next.

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