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Terra Luna Classic zooms nearly 60% in a day! Is the crypto making a comeback? – Business Today

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After headline crypto news after its infamous crash triggered by the TerraUSD, or UST stablecoin de pegging fiasco in May, which in turn resulted in an overall downtrend in crypto markets, Luna Classic (LUNC) token of the Terra ecosystem is in the news again.
The Luna Classic token zoomed 57.0961 per cent intraday on Wednesday, as per data from CoinMarketCap.
The cryptocurrency was trading at $0.00008521 in the wee hours of Wednesday and zoomed to $ 0.0001533 in the morning. The cryptocurrency is currently trading at $ 0.0001275, 45.07 per cent up. The cryptocurrency has a 24-hour trading volume of $861,021,302.
Is Luna Classic making a comeback?
On the surface, it may appear that Terra’s Luna Classic is making a comeback. However, the cryptocurrency crashed to the abyss in the last month. The price of the crypto fell by more than 99.99 per cent.
Based on sound technical and fundamental analysis, analysts do not see any upside in the cryptocurrency in the near future.
What caused Luna Classic to crash?
The cryptocurrency crashed 100 per cent in May this year as a result of the UST (Terra USD), an algorithmic stablecoin, de-pegging catastrophe.
But what is the connection between Luna Classic and UST?
The adoption of UST as a stablecoin is critical to the success of the Terra ecosystem, hence the Luna Classic token and UST are intrinsically linked. Luna Classic backs UST and the token is burned when demand for UST rises.
Alternatively, if UST is perceived to be volatile, the value of Luna Classic plummets.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today
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