The asset recently surged to a 2-month high of $0.0001924.
Terra Classic (LUNC) has regained a $1 billion market capitalization as it aims to capitalize on the recent market-wide rally on its journey to resurgence. During a sharp 13% increase within 8 hours yesterday, the asset skyrocketed to a peak of $0.0001924, a level that was last seen in mid-November.
The recent LUNC campaign is not unexpected, as the markets have experienced a resurgence of investors’ interest that has triggered price surges to levels last observed before the FTX collapse. Despite the broader rally, LUNC has risen at a higher rate than most assets. With a 14.14% increase in the past 24 hours, the asset is the sixth-highest gainer among the top 40 tokens.
The recovery of a $1 billion market capitalization is often correlated with an uptick in bullish sentiments and a subsequent boost in demand. As a result, this achievement has always sparked excitement within the Terra Classic community. Rex, a prominent member of the TerraCVita development group, recently highlighted the latest recovery, hinting at a $0.002 price point.
Great to see #LUNC on a steady upward trend and above $1bn Market Cap again
0.002 on the horizon maybe? pic.twitter.com/4ymi8jyaqh
— Rexyz (@RexYellerBelly) January 13, 2023
After reclaiming the $1 billion mark yesterday, LUNC’s market capitalization recently surpassed $1.16 billion for the first time since November 13. With the current $1.16 billion valuation, the asset has risen to the 39th position of the largest tokens by market capitalization. However, the position remains delicate, as EOS, which holds the 40th position, currently has a market capitalization of $1.14 billion.
Furthermore, LUNC has gained by 14.14% in the past 24 hours as it currently trades at $0.0001932. Following a sharp 13% increase in 8 hours yesterday, the asset recaptured the 2-month high of $0.0001924 before facing slight resistance. Despite the pushback, it held steady above the $0.00019 level and has recently eclipsed yesterday’s high.
Recent Terra Classic Developments
LUNC’s price rally has received support from an uptick in social activity and several favorable developments in the past few days. Notably, yesterday, Binance declared support for the planned Terra Classic upgrade which will bring an end to token re-mints and increase gas fees. The support was well-received by LUNC proponents.
It is worth mentioning that the community had previously voted for a proposal to stop the re-minting of burnt tokens. The practice of re-minting already-incinerated tokens has, for some time, faced opposition, but it persisted, so as to ensure that the community pool has enough funds. Nevertheless, an increase in gas fees will help fill the void created by this recent development.
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