Terra’s LUNA is up 166% in value today, at the time of this writing, following a huge surge in LUNC (LUNA Classic) this week.
Terra’s original ecosystem collapsed in May. LUNA Classic is the original coin, while LUNA is a new coin from a rebooted blockchain network.
The twin collapses Terra’s UST stablecoin and LUNA cryptocurrency is widely blamed for at least partially causing May Market-Wide Crypto Crash, leading to a cascade of ruined crypto valuations. But after all the commotion—believe it or not—the LUNA restarted and the rebranded LUNA Classic (LUNC) have both exploded in recent days.
LUNA is up 166% in the past 24 hours to a current price of over $5, per data from CoinGecko. This is a surprising push for a coin that has barely moved since early June, holding near the $2 mark. The price reached $6.87 in the past day, marking a maximum increase of 247% since the start of trading on Friday.
While sharing the name of the cryptocurrency that lost nearly 100% of its value in May, LUNA is actually a new room created by the founder of Terra Do Kwon to support the reboot of Terra block chain. The newly restarted LUNA blockchain was derived from the code of the previous one, and is Kwon’s attempt to try to revitalize the fallen crypto ecosystem.
Meanwhile, LUNA Classic – the original LUNA with a new name – saw its own increase in value just before the new LUNA repeated the feat. Even though it is down 20% over the past 24 hours as the speculative craze wanes, LUNC is still up almost 56% this week at its current price of $0.00043.
In the case of LUNA Classic, there are some apparent signs pointing to its growing value. The LUNC ecosystem is now in the hands of the Community Holders, and they have voted on and instituted recent changes, such as a network tax of 1.2% on transactions, which will be used to buy and burn (or permanently destroy) LUNC to reduce the total supply.
Such activity could boost the growing value of LUNC as the community tries to find a way forward, but at a current value of a fraction of a penny per token, LUNC is still down almost 100% from the price. maximum of $119 set (like LUNA) in April.
Why the rebooted LUNA is so big today is less clear. This could be a replica of LUNC’s momentum, piggybacking on it effectively while catapulting even bigger percentage gains in the process. Terra as recently launched a complaint procedure for LUNA Classic holders who did not receive the new token when the network relaunched, with 19.5 million LUNA available.
MOON 2.0 launched at the end of May and quickly peaked at nearly $19 per token. It is currently down 73% from its all-time high, according to CoinGecko.
Even so, LUNA vastly outperforms the broader crypto market today as the biggest gainer among the top 100 cryptocurrencies ranked by market capitalization. The overall market is up more than 6% today, with a leading cryptocurrency Bitcoin up 10%.
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