Terra Classic (LUNC), the first chain of the once-collapsed Terra (LUNA) environment, has seen a noteworthy increment in esteem as of late. This digital asset has seen a staggering 28.59% 1 gain over the last 24 hours. Let’s take a look at the Terra Classic price analysis.
Terra Classic price: Increased purchasing pressure
Terra Classic price: LUNC/USDT 1-day chart – TradingView
This sudden jump in the Terra Classic price is largely due to increased buying pressure. Buying pressure pushed LUNC’s market cap to a staggering $635.9 million, with more than $138 million poured into the token in a single day.
Terra Classic price: Increased trading volume
The remarkable rise in value of LUNC has made it one of the top cryptocurrencies in terms of trading volume. Notably, LUNC currently ranks 7th in spot market trading volume on Binance, further highlighting the increasing popularity of LUNC among investors.
Terra Classic price: Suggested upgrade to version 2.1.0
One of the key factors contributing to Terra Classic price was the long-awaited upgrade offer to version 2.1.0. Scheduled for release on June 14th, this upcoming upgrade will be his third major enhancement to Terra Classic blockchain.
The main purpose of this upgrade is to align Terra Classic with other blockchains such as Terra 2.0 and various Cosmos chains. This equivalence is intended to allow projects and developers to use Terra Classic Chains as a more viable option. The upgrade to version 2.1.0 aims to introduce many features and improvements. These include a minimum 5% fee for validators to incentivize fair rewards, Cosmwasm integration, and two security updates to improve the reliability and security of the platform.
Improvements and interoperability
In addition to these improvements, the upgrade includes other notable changes. One of those changes is the WasmVM upgrade, which aims to introduce multi-chain capabilities and expand the possibilities of Terra Classic. Once the upgrade is launched, it is expected to enhance interoperability between different Cosmos chains and further increase the utility of blockchain. Community engagement and support
Besides network upgrades, LUNC has also benefited from other community efforts such as excessive token writes aimed at improving network usability. At the same time, Terra Classic continues to receive ongoing support from well-known companies such as cryptocurrency exchange Binance.
This joint effort demonstrates the determination of the Terra Classic community to reclaim its place in the cryptocurrency market. Prominent financial experts such as Leo Smigel, the visionary behind Analyzing Alpha, are optimistic about the future of Terra Classic. These highlight the community’s efforts to revitalize the platform through a unique approach aimed at ensuring a seamless transition to growth.
Conclusion
The recent surge in Terra Classic (LUNC) prices is likely due to a combination of factors including increased purchasing pressure, increased transaction volume, anticipated upgrades, and community engagement. It remains to be seen what impact these factors will have on the future development of LUNC as the crypto market continues to evolve.
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Source: https://cryptoticker.io/en/why-is-terra-classic-price-rising/