LUNC Has Lost $130 Million, While Terra Classic’s Plight Gets Even Worse

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Last Updated on November 3, 2022 by Bitfinsider

The market capitalization of LUNC (Terra Luna Classic) suffered a significant knock earlier today, and the losses continue to be severe.

On November 1, the asset was valued at $1.60 billion; however, in less than 24 hours, its value dropped to $1.47 billion, representing a loss of $130 million.

At the time of publication, however, Coingecko tracking indicated that Terra Classic’s market capitalization had rebounded marginally and was hovering around $1.53 billion, reducing losses to almost $70 million.

LUNC, the chain’s crypto asset, is currently trading at $0.00022394 and is down 8% over the past week.

Despite most altcoins witnessing price increases as a result of a bullish trend launched by the crypto market at the end of October, LUNC continues to experience the negative repercussions of being at the mercy of sellers as it remains bearish.

Not only was this demonstrated by the enormous cash outflow, but also by the fact that Terra Classic’s trade charts remain entirely negative. Its spot trade price is roughly 50 percent less than its October 3 value of $0.00033.

This occurs despite the fact that the Terra community has proposed a variety of methods to increase the crypto asset’s utility in an effort to increase its price.

As a portion of its investors believed that the asset was worth preserving, a burning mechanism was implemented to stimulate a price increase. This did not result in any favorable outcomes, as LUNC continues to drop with time.

Several firms, such as the Litosphere creator KaJ Labs, have stated their desire to assist Terra and its community by means of a $55 million award designated for the creation of decentralized applications on the Terra Classic Chain.

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