{"id":9415,"date":"2022-12-27T14:16:36","date_gmt":"2022-12-27T14:16:36","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9415"},"modified":"2022-12-27T14:16:39","modified_gmt":"2022-12-27T14:16:39","slug":"terra-classic-regains-1b-market-cap-following-boxing-day-surge","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9415","title":{"rendered":"Terra Classic regains $1B market cap following Boxing Day surge"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>Terra Classic (LUNC) surged over Boxing Day, triggering a market cap spike above $1 billion.<\/p>\n<p>A local bottom in market cap valuation was found at $763 million on Dec. 21. Since then, buying activity has led to an uptrend that accelerated into a sharp, near-vertical movement on Dec. 26.<\/p>\n<p>The spike peaked at $1.09 billion, with profit taking causing a slight drop in valuation to $1.07 billion as of press time.<\/p>\n<p>The previous few weeks saw Terra Classic\u2019s market cap move above and below the $1 billion threshold level on several occasions. The last dip below $1 billion occurred on Dec. 7.<\/p>\n<h2>Terra Classic<\/h2>\n<p>Analysis of the accompanying trend in Terra Classic token price showed Boxing Day\u2019s price action decisively breaking a six-week downtrend.<\/p>\n<p>The following day, on Dec. 27, bulls lifted the price to $0.00018775, marking a 25-day high.<\/p>\n<p>Source: LUNCUSDT on TradingView.com<\/p>\n<p>However, zooming out showed LUNC is still in a macro downtrend and has been since relaunching in May.<\/p>\n<p>Following the UST de-peg and subsequent Terra ecosystem implosion, the community accepted a proposal from founder Do Kwon to revive the chain.<\/p>\n<p>This resulted in the Terra chain hard forking into two distinct chains, Terra Classic with the Luna Classic (LUNC) token, which is said to be community-led, and Terra 2.0 under the LUNA token.<\/p>\n<h2>A new proposal on the table<\/h2>\n<p>Back in September, LUNC was spiking hard off the back of proposals to revive the chain and restore its previous standing. This included token burning and attractive staking rewards.<\/p>\n<p>Market cap valuations were boosted to approximately 12x of Terra 2.0, or $3.3 billion versus $258 million.<\/p>\n<p>Three months on, and post-FTX collapse, Terra Classic\u2019s revival ambitions have stalled amid wider market downtrends. Currently, its $1.07 billion market cap valuation is a little over 5x the size of Terra 2.0\u2019s\u00a0 $180.9 million valuation.<\/p>\n<p>To resuscitate LUNC\u2019s revival, Associate Professor of Computer Science at Drexel University, Edward Kim, who is now involved with developing the chain, introduced Proposal 11168 \u2013 Joint L1 Task Force.<\/p>\n<p>Kim called for funding to pay developers to \u201ccomplete the required updates to upgrade and stabilize the L1 layer.\u201d<\/p>\n<p>Although budget restraints limit hiring the same structure as before the implosion, Kim said 2 full-time and 2 part-time devs could feasibly achieve the required improvements within his proposed three-month timescale.<\/p>\n<p>\u201cAt the height of Terra, Terraform Labs had a team of 6-8 senior L1 blockchain developers. With this level of support, developers could focus on innovation in addition to security and maintenance.\u201d<\/p>\n<p>Posted In: Terra, Analysis<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/terra-classic-regains-1-billion-market-cap-following-boxing-day-surge\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Terra Classic (LUNC) surged over Boxing Day, triggering a market cap spike above $1 billion. A local bottom in market cap valuation was found at $763 million on Dec. 21. Since then, buying activity has led to an uptrend that accelerated into a sharp, near-vertical movement on Dec. 26. The spike peaked at $1.09 billion, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-9415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9415"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9415\/revisions"}],"predecessor-version":[{"id":9417,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9415\/revisions\/9417"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9416"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}