This week, Terra Classic (LUNC) has been one of the best performers in the cryptocurrency market, with a price increase of almost 15%.
Although #LUNC is currently 99.9 percent below its all-time high in 2022, some investors believe the coin is on the cusp of a prolonged bull run.
There are numerous opportunities for profit in the cryptocurrency industry, but many investors are choosing to ignore Terra Classic in favour of other tiny cryptocurrencies.
There is hope for the future of the troubled Terra Classic.
Trading volume for Terra Classic has increased 164% during the past 24 hours, and the price is currently hanging around the $0.000064 level.
Despite the token's problematic past, this places LUNC at number 47 on CoinMarketCap's list of the most traded cryptocurrencies.
The Terra blockchain's first native token, LUNC, was used to back various stablecoins, notably the doomed $USTC .
But, as most investors are aware, $LUNC collapsed once #UST abandoned its peg to the US dollar in May 2022.
As a result, the Terra community decided to divide the blockchain in two, with the original chain becoming Terra Classic while keeping the LUNC coin.
One notable distinction is that collateralized stablecoins are used on the Terra Classic chain rather than algorithmic stablecoins.
Given that LUNC must now compete with the new Terra chain, which uses the LUNA token and has more developer support, the future of LUNC is murky at best.
In addition, LUNC is always fighting to recover the confidence of the larger crypto market, since the great majority of investors have lost faith in its stability after the crisis of 2022.
The SEC and other organisations are attempting to enact new legislation that might have a negative effect on LUNC's status in the market, adding to the challenges the token already faces.
Notwithstanding these obstacles, an increase in trading volume and price for LUNC indicates that there may still be some interest in the cryptocurrency.
In addition, the Terra Classic Telegram channel has over 79,000 members, demonstrating that a sizable community is still interested in the future of the project, which may be a crucial aspect in LUNC's capacity to recover.
