Terra Chain is once again in the limelight surpassing the trending list. Terra is now rebranding their native coin as Terra Classic. The Terra Classic token has outrun the crypto kings Bitcoin and Ethereum.
Terra Classic, rebranded the original Terra chain, and the coin skyrocketed by nearly 70% in the last 24 hours. The token has shown a miraculous growth outrunning the overall crypto market on Thursday, Sept 1st, 2022. The monthly gain as of now will reach a triple digit number in percentage as per the analysts. Not just this, Terra Luna climbed more than 17%.
From the current market state, Terra Classic is one of the top trending tokens in the cryptocurrency market. Terra Classic is trading at $0.0002251 at the time of writing. The coin is down by 32.73%. The Terra Classic holds a market cap of $1.4 Billion and is down by 32.56% as of now.
Meanwhile, Terra Luna trades at $1.87 with a 24-hour trading volume of $413,631,213 USD. Terra is down by 11.34% in the last 24 hours. Terra Luna ranks at #229 in the CMC list.
Luna Classic (LUNC) is the first native token of Terra blockchain released in August 2018. $LUNC existed before the launch of the new chain — now branded Terra (LUNA) — and works with the original code of the Terra ecosystem.
The main function that the native token performed was to absorb the price deviation of the algorithmic stablecoin — $UST. The price of the UST stablecoin was pegged to the US dollar by minting and burning UST tokens to balance the supply and demand of the coin. In May 2022, UST lost its peg and collapsed. The UST stablecoin algorithm created trillions of LUNA tokens, fell into a hyperinflationary spiral, and reduced the value of the original LUNA token by 99%.
Source: https://www.thecoinrepublic.com/2022/09/02/heres-why-terra-classic-isnt-going-to-1/