earth classic [LUNC] Making headlines again, this time for the right reasons. The network has just launched LUNC staking and has reported great interest so far. A step in the right direction on its recovery path, but will its recent negative history hold it back?
Terra Classic developers have been working hard to revive the web. The staking facility has been one of the most anticipated developments as part of the network milestone.
The latest report shows that the newly launched staking facility is off to a good start. This is good news, and it underscores the strong support the network has received from its community.
As part of Terra Classic’s V22 network upgrade, the staking feature went live. Current reports have confirmed that within 24 hours of the upgrade, more than 1% of LUNC’s supply has been staked. This result shows that there is still a lot of confidence in the project.
we are in 101b $lunch So far, 1.46% of total supply staked after only 6 hours 🔥 #lunc #lunaclassic pic.twitter.com/kNwCAf91EQ
— LUNC Burn (@LunaBurn_13) August 27, 2022
LUNC to the moon?
The successful launch of LUNC has sparked a lot of excitement. This result reflects its increased social presence this week, especially in the past 2 days.
Source: Santiment
As seen in the weighted sentiment, investor sentiment has shifted in favor of the bulls, which is not surprising. Reflects a strong shift in perceptions of the web, as it is arguably one of the biggest comebacks in the history of the crypto market.
In addition to strong social engagement, Terra Classic’s latest achievement was supported by strong development activity this week.
Source: Santiment
LUNC also showed strong price action in the week leading up to the upgrade. It was trading at $0.00013 at press time after gaining about 57% over the past seven days.
Source: TradingView
LUNC’s upside is currently experiencing some friction after entering overbought territory. Profit-taking was significantly lower, reflecting the positive sentiment from the successful upgrade. This is because most LUNC holders expect the price to enter a bullish phase due to positive developments.
optimistic community
Terra Classic’s community remains optimistic about the prospect of the network rebuilding what was lost. This is partly because the current developer community has expressed interest in undoing the damage caused by the May UST debacle.
This resilience has caught the market’s attention as all parties concerned are watching how things will play out.
