Terra Classic (LUNC) Token Surges by Over 20% Ahead of Parity Upgrade Discussions
The Terra Classic (LUNC) token has experienced a significant surge of over 20% in the past 24 hours, driven by the community’s discussions regarding the upcoming Parity upgrade. While the upgrade is yet to be confirmed, it is expected to be approved and implemented on June 14.
The recent surge in the price of LUNC token marks its largest increase in quite some time. Currently, the token is being traded at around $0.000107, attracting the attention of traders and investors.
Not only has the token price risen, but the trading volume has also witnessed a substantial increase. According to BeInCrypto price data, the trading volume has surged by 750% in the last 24 hours, reaching approximately $395 million. This surge is noteworthy considering the declining popularity of the LUNC token within the crypto community.
With a market capitalization of approximately $600 million, the token’s value has increased by over 20% in the past 24 hours. However, this is still far from its peak value of $40.99 billion, which is unlikely to be reached again.
Despite the token’s past decline, supporters of the project and LUNC token remain optimistic about its future. The anticipation surrounding the Parity upgrade reflects their positive outlook. Notably, influential crypto whales have also begun buying significant amounts of LUNC in preparation for the upgrade.
The upcoming Parity upgrade, if approved, is less than ten days away. It will bring significant changes to the Terra Classic network, potentially paving the way for the token to reach its previous highs from September 2022.
The Parity upgrade, labeled as v2.1.0, primarily focuses on governance improvements. Key features of the upgrade include a minimum 5% commission for validators, the introduction of Cosmwasm v1.1.x, and two security updates.
Currently, the LUNC community is actively reviewing and discussing the proposal, with the joint L1 Task Force (LITF) leading the development efforts. If the proposal is passed, the Parity upgrade is scheduled to take place on June 14.
In parallel news, Binance has recently burned 1.04 billion Terra tokens, which has independently contributed to a significant price increase for LUNC. This burn marks the tenth batch of token burns, bringing the total burned LUNC tokens to 33 billion.
The token burn, covering the period from April 30 to May 30, provides some support to Terra Classic in its quest to regain its previous glory. While skepticism remains, the community is determined to make the token useful and authentic, welcoming any assistance it can get.
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