Terra 2.0, the new blockchain created to overcome the losses incurred due to the primitive Terra chain, is now called TerraClassic (LUNC) and has jumped notably high. Soon after the LUNA air-drop, a significant recovery was recorded in LUNC price. The asset is forming multiple higher highs and lows within an ascending trend. On the other hand, the new LUNA price is consolidating within a narrow region.
Therefore, did the launch give a good boost to the price of LUNC compared to LUNA or is it too early to tell?
It’s a known fact that not everyone is happy with the launch of Terra 2.0 without resolving issues with TerraClassic. As it looks like Terra 2.0 money can be funneled into LUNC and aimed at stabilizing the de-indexed UST. But practically, it’s not as simple as it seems! The circulating supply of LUNA is limited to one billion while LUNC still remains close to 6.5 trillion. And therefore, the supply squeeze could have caused the price of LUNA to skyrocket, but LUNC is rising with flying colors.
What to Expect from LUNA & LUNC Price in the Next Couple of Days?
After multiple attempts to stabalize the LUNC and USTC prices, the projects failed to react positively. This time it was more important to stop minting new coins or at least burn the excess supply as Tether did recently. But Do-Kwon was keener in launch a brand new chain with the same name to confuse the traders.
Currently, no such change with the LUNA price is seen, as prices have been hovering between $5.89 and $6.12 since launch. And this is not a positive sign, because despite volume growth, prices remain stagnant and therefore clearly implies that the asset is under both selling and buying pressure. Therefore, it seems that it is still uncertain currently and jumping into it would be quite risky at the moment.
On the other hand, LUNC’s price has undergone a significant u-shaped recovery to regain the levels above $0.0001. Moreover, the 24-hrs volume has plunged severely from around $900 million to the current level of around $120 million. Despite the plunge, the LUNC price maintained a strong uptrend indicating the buyers being more strong than the sellers.
Collectively, it seems that the LUNA price still hasn’t earned the trust of the trader while the LUNC community can keep the price high. And so, as Coinpedia reported earlier, the LUNC price could skyrocket well ahead of the LUNA price in the coming days.
