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Terra LUNA Classic (LUNC) Gains over 600% as it Climbs Back to Top 30
Terra’s governance token for the classic fork — LUNC, has shot up an mind-bending 600% in the last 30 days, making it, once again a top 30 coin by marketcap in an unprecedented event.
Terra suffered a catastrophic crash on the 11th of May 2022 where its value dropped by over 99.999% in an event known as a Death Spiral. It continued to drop 99% from that point onwards for 3 consecutive days until it reached a low of $0.00005 from it’s all time high of over $120 U.S dollars. You can read all about it here if you’re looking for a detailed post-mortem on the Terra Crash.
The drop was so dramatic in fact that it wiped out over $18 billion dollars in wealth along with obliterating its own market cap. Since it’s all time low on the 24th of June, there hasn’t been a lot of movement into LUNC until recently.
In the last 2 weeks, LUNC has gained incredible momentum and gained almost 10x in total marketcap, reaching over $3.1 billion marketcap in a matter of days.
