YEREVAN (CoinChapter.com) — Terra Classic (LUNC), the original native token of the Terra blockchain, is tanking. The 20% price crash comes just days after the community completed the v2.3.2 upgrade on the network. The related tokens, Terra Classic USD (UST) and Terra (LUNA), also shed their price equally.
Over the past month, since Nov. 11, LUNC price has seen a parabolic rise. The token has rallied around 200%, going from $0.00008355 to $0.000249, according to CoinStats.
The impressive price action reinstated hope among investors, who have been holding on to the token despite the catastrophic collapse of the Terra ecosystem in May 2022.
While the token is far from its all-time high of $119 from Apr. 5, 2022, investors are still hopeful it will recover. Going anywhere close to $1 will be huge for now, bringing people to FOMO to buy it.
The fact that fans continue to burn LUNC tokens to reach 10 billion burns is also doing the trick. According to reports, Binance alone has burnt over 43 billion tokens.
However, its recent rally now stands threatened. Over the past 24 hours, the price of Terra Classic Token has tanked over 20%.
LUNC is not the only one that is currently shedding its value. Terra Classic’s algorithmic stablecoin, TerraClassicUSD (UST), which depegged, causing the Terra crash, is also tanking.
According to CoinMarketCap charts, the UST price fell from $0.05103 to $0.04079. That is an over 20% dip.
Moreover, Terra (LUNA), the new token created after the network’s crash, is also tanking. Its price has dropped from $1.1629 to $0.9366 (around 20%) while writing.
The recent crash follows the over 30% rally in the LUNA price registered over the past month. With all Terra tokens now experiencing selling pressure, it remains to be seen if they will hold on to their recent gains.
Meanwhile, Do Kwon, the disgraced founder of Terraform Labs, is set to be extradited to the United States from Montenegro.
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