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Terra 2.0, the new blockchain created to overcome the losses incurred due to the primitive Terra chain, is now called TerraClassic (LUNC) and has jumped notably high. Soon after the LUNA air-drop, a significant recovery was recorded in LUNC price. The asset is forming multiple higher highs and lows within an ascending trend. On the other hand, the new LUNA price is consolidating within a narrow region.
Therefore, has the launch given a good boost to LUNC price than LUNA or it is too early to figure out?
It is a known fact that not everyone is happy with the launch of Terra 2.0 without solving the issues with TerraClassic. As it appears that the money from Terra 2.0 may be flown into LUNC and aim to stabalize de-pegged UST. But practically, it is not easy as it appears! The circulating supply of LUNA is limited to a billion whereas LUNC still remains close to 6.5 trillion. And hence the supply squeeze could have skyrocketed LUNA price but LUNC is rising with flying colours.
What to Expect from LUNA & LUNC Price in the Next Couple of Days?
After multiple attempts to stabalize the LUNC and USTC prices, the projects failed to react positively. This time it was more important to stop minting new coins or at least burn the excess supply as Tether did recently. But Do-Kwon was keener in launch a brand new chain with the same name to confuse the traders.
Currently, no such changes with the LUNA price are witnessed as the prices are hovering around $5.89 to $6.12 since the launch. And this is not a positive sign, as, despite a growth in the volume, the prices remain stagnant and hence it clearly implies that the asset is experiencing both selling and buying pressures equally. Therefore, it appears to be still uncertain presently and jumping in would be pretty risky at the moment.
On the other hand, LUNC’s price has undergone a significant u-shaped recovery to regain the levels above $0.0001. Moreover, the 24-hrs volume has plunged severely from around $900 million to the current level of around $120 million. Despite the plunge, the LUNC price maintained a strong uptrend indicating the buyers being more strong than the sellers.
Collectively, it appears that the LUNA price has still not gained the trader’s confidence while LUNC community may keep the price elevated. And hence as reported by Coinpedia earlier, LUNC price may skyrocket much before LUNA price in the upcoming days.