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Quality Over Quantity For LUNC?
Despite the collective effort to combat rising phishing attacks and Peer-to-peer (P2P) spam, Terra Classic’s developer activity has significantly plunged since March 29, 2024. Pointing to 2.95 in Santiment’s development activity index, the calm period accompanies a 32.7% price drop in LUNC value over the past 30 days.
Apart from this setback, Terra Classic’s social metrics have also been overshadowed by competing altcoins and meme coins, as LUNC is now positioned in a historically low position, ranking at #140 in terms of global market cap. With a $644M market capitalization, LUNC is far from the $1 billion mark, last claimed in mid-March 2024.
Nevertheless, Terra Classic holders are optimistic about the coin’s future due to the rapidly spiking Terra Luna Classic (LUNC) burn rate. As overall Terra Luna Classic burns are quickly approaching the 111 billion mark, this metric exposes a gradual growth in LUNC burns since the beginning of 2024.
As of press time, #TerraLunaClassic (#LUNC✅ ) trades at $0.0001117, gaining 5% over the latest 7-day period. While the recent upward momentum provides some relief, #TerraClassic ($LUNC ) succumbed to a heavy crypto market correction on a monthly time frame, coming to grips with the 32.7% deficit and completely wiping out the meme coin-inspired Spring rally to $0.00022880 on March 5, 2024.
