The Terra Classic price jumped to its highest price since the rebranding following the collapse of the protocol as trading volume picked up.
At the same time, new coins that emerged from the aftermath increased by the smallest percentage.
- LUNC has been the best performer over the past 24 hours as most markets struggle to recover some of their recent losses.
- The asset is up 25% year to date, but surged about 80% earlier today. At one point, it was trading near $0.00045, the highest price level in more than three months.
- As CryptoPotato reported repeatedly in May, the Terra ecosystem collapsed when the native algorithmic stablecoin UST lost parity with what was supposed to be pegged to the U.S. dollar.
- Within days, both UST and LUNA (as they were called at the time) plummeted to a few cents, wiping out billions of dollars in market cap and a significant portion of the entire crypto market.
- In order to salvage the project or the remainder of the project, the Terra team decided to rename LUNA to LUNC and create a new token with the original name. Now, after a small daily increase, the trade is at $2.
- The surge in LUNC’s price is now accompanied by a massive increase in trading volume, which exceeds $2 billion a day.
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