LUNC Drops Down, After Witnessing a Significant Surge

• LUNC experienced a sudden downfall, registering an 11.76% fall in the past 24 hours.
• Terra Classic (LUNC) is currently trading around $0.000238.

The Terra Classic (LUNC) witnessed a massive surge during the past few days. Recently,  LUNC’s value skyrocketed and it registered a nearly 62% increase in a day. The token is still trending in the crypto market. The possible reason behind the recent surge of Terra tokens is LUNC’s V22 network update.

Even though, LUNC experienced a sudden downfall during the past 24 hours. As per CMC, the Terra Classic (LUNC) is currently trading around $0.000238, with a one-day trading volume of $875,138,140. At the time of writing, the token decreased nearly 11.76% in the last 24 hours.

The Emergence of LUNC

The breakdown of stablecoin, TerraUSD, was one of the major reasons behind the tremendous collapse of the global cryptocurrency market. The crisis of TerraUSD has resulted in the shrinking of the crypto market. It also caused the significant price low of nearly all popular coins. Reportedly, the Terra ecosystem collapsed due to the UST de-peg in May. During that time, the stablecoin fell by around $0.006.

Before the disaster, the Terra project was one of the most successful ones, reaching a record high of $119.18 in April. But shortly, the coin witnessed an epic downfall and dropped from prominent crypto-based platforms. The Terra crash also resulted in a huge financial loss for many investors. Following the slump, the Terra team produced a new token and relaunched it with new recognition. Now the original Terra Chain will be rebranded as Terra Classic (LUNC).

Moreover, Terra recently revealed that the platform is launching the new Governance Alert Bot, which will notify users of the current governance activities taking place on Terra.

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