The stake of total Terra Classic (LUNC) reached 900 Billion. That was due to the utility slowly returning to the blockchain. Major efforts from the Terra Classic community including developers groups resulting in increased project enhancement on chain ad investors staking with the validators.
Terra Classic Price Analysis
Terra Classic (LUNC) price surged by nearly 6% in the last seven days. LUNC is trading at a price of $0.000178 with a 24-hour trading volume of $176.35 Million. Terra Classic is up 4.78% in the last 24 hours, with a live market cap of $1.06 Billion.
The above chart shows the last seven days price action of LUNC token. The token noted its 7 days low at $0.000158 and high at $0.0001847. The support and resistance levels of Terra Classic indicate that the token has performed a bullish trend over the past month.
Furthermore Do Kwon, the Co-Founder of Terra, who roiled the crypto assets market in May, is hiding in Serbia, according to South Korean prosecutors. They are seeking to take him into custody.
Blockchain Development
A blockchain platform, Neblio, shared a tweet on January 19th, 2023 and announced the launching of its new mobile wallet. The wallet will have NEBL staking support and cross staking campaign which enables users to earn NEBL by satking $LUNC and vice versa.
Terra Classic community taking the blockchain development positively. The community reminded Terra Rebels about returning $150K worth of community funds misused by some of the members. The big names such as Edward Kim, Tobias “Zaradar” Anderson, and Duncan left the developer group Terra Rebels group. While other members were removed from the group and the funds were distributed among just 12 members.
This caused a massive price drop in LUNC tokens. And the total staked LUNC dropped from more than 900 Billion to 850 Billion in December. And additionally on January 19th, 2023 the LUNC supply ratio spiked more than 13% and total LUNC tokens staked reached almost 900 Billion.
However, the reopening of the IBC channels is pushing the utility of the Terra Classic chain. As the number of projects are set for development on the blockchain platforms. It must be noted that LUNC supported on TFL’s new interchain Station having multiple blockchains.
Source: https://www.thecoinrepublic.com/2023/01/21/terra-classic-lunc-staking-and-price-surge-in-last-week/