What’s behind the surge of LUNC token during market uncertainty?

Terra Classic (LUNC) is a cryptocurrency that was left behind after the collapse of Terra Luna/UST. Despite the market uncertainty and bearish investor sentiment, LUNC has recently gone into an uptrend, giving hope to investors.

Over the past few days, LUNC has seen impressive gains, leaving investors wondering about the reasons behind this improvement.

At the time of writing, LUNC’s price has increased by 0.71% in the last 24 hours and 16.95% over the past seven days.

High Buying Pressure Pushes LUNC Price Amid Bearish Sentiments

One of the factors behind LUNC’s recent price gains seems to be the increased activities on the Terra Classic network. According to Coinmarketcap data, LUNC’s market capitalization and trading volume have increased by 17.75% compared to yesterday’s value.

Related Reading: ApeCoin Holders Suffer Financial Pain As 95% Endure Negative Returns

Although the price surge momentum has reduced slightly, LUNC remains one of the top cryptocurrencies by trading volume.

Other Notable Factors Behind LUNC Price Gains

The recent price surge followed after the LUNC Burn Army shared news of the v2.1.0 upgrade proposal on June 3. The proposal’s governance vote started on June 7, while the upgrade will go live on June 14. This event generated a buzz in the LUNC community, attracting more attention to the LUNC token.

The v2.1.0 upgrade aims to bring LUNC to parity with other blockchains, including Terra 2.0 and Cosmos chains. This will allow developers and projects to resume building on the Terra Classic Chain.

The upgrade includes new features and improvements to Terra Classic, such as allowing a minimum of 5% commission for validators, aimed at promoting fair compensation.

In addition, the upgrade comes with Cosmwasm and two other security updates, touted to improve the ecosystem’s security and reliability. The upcoming upgrade will bring several notable changes to the Terra Classic ecosystem, such as the WasmVM upgrade, which will introduce multi-chain interoperability, extending Terra Classic’s capabilities.

Community-focused Improvement Initiatives

Several community-backed initiatives are responsible for LUNC’s recent price boosts and trading volume increase. Among these is the token burn initiative, which enhances the network’s utility.

Furthermore, on June 6, the LUNC Burn Army introduced the Bug Bounty Incentive Program to foster application functionality, enhanced security, and network resilience. The Bug Bounty initiative aims to compensate ethical hackers, security researchers, and developers who identify and report security vulnerabilities.

Moreover, the recently introduced LUNC burn initiative, which saw over 1 billion LUNC tokens wiped from circulation, is among the factors boosting the token’s price. These improvement proposals have helped to increase investor interest in LUNC and are among the drivers of the current price surge.

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