The recent scenario in the market indicates that the effort of the Terra Classic community for the much-anticipated recovery is beginning to pay off on the LUNC market trend.
Over the last day, LUNC has printed over a 30% price surge and currently trading at $0.00011, according to CoinMarketCap.
As expected, this recent massive surge has been trending on the CryptoTwitter as the Terra Classic community members see renewed hope in the embattled digital token LUNC.
— LunaClassic HQ 🌕 ™ (@LunaClassicHQ) June 4, 2023
What Could Be Behind this Massive Surge in Terra Classic (LUNC) Price?
Over the last couple of weeks, there have been major developments in the Terra Classic ecosystem, but nobody ever expected this significant surge in LUNC price at this time. Even if Terra Classic’s enthusiasts expected a price appreciation, not an over 30% surge.
One of the major developments in the ecosystem was the major upgrade to increase the LUNC burn tax from 0.2% to 0.5%. The major network upgrade took place on the Terra classic network on the 23rd of May 2023.
Another notable development within the last few days was the massive LUNC incarceration reportedly initiated by the Binance exchange.
According to the report, the leading exchange burned over 1 billion LUNC tokens worth relatively $88,000 at the time of the transaction. It’s worth noting that the new massive burn pushed total LUNC burned above 60 billion.
The last major development over the last few days is the dress rehearsal upgrade. The test upgrade took place on May 31 as announced by LuncBurnArmy (LBA), the project manager for the L1 team. The upgrade is meant to update the rebel-2 testnet to v2.1.0.
Although the major reason for the current outstanding performance of LUNC cannot be ascertained at the moment, the recent developments mentioned can also be termed as the catalyst aiding the notable price uprising.