Terra Classic (LUNC) is in the spotlight today after successfully gaining 54.62% in the last 24 hours at US$0.000241 per token. Terra Classic recorded a 24-hour trading volume of $1.04 billion. With a live market cap of $1.5 billion, the token is currently ranked #208, according to CoinMarketCap data.
As it is well known that the crypto market is very volatile at the moment, hence the surge in the price of LUNC has raised questions among the market. Analysts also give diverse views, among which behind this price increase is the increase in the V22 LUNC range.
Recently, the developers of TerraClassic started a new network upgrade that when approved will allow investors to participate in LUNC immediately. The V22 version update includes a staking feature on the blockchain which is seen as a much-needed positive catalyst for LUNC to overcome advanced consolidation.
It is also worth noting that last month, Binance, the largest cryptocurrency exchange, said that it will support the network update by temporarily suspending deposits and withdrawals until the upgrade is complete. Since this is in line with the wishes of the Terra community, this could be one of the reasons behind the increase in token prices and also market sentiment.
Terra has also recently launched a Governance Alert Bot. This launch has given an injection of enthusiasm in the Terra community. Following the news, the price of LUNA jumped as high as 8% with trading volume exceeding 45%.
So far, the top cryptocurrency exchanges for trading Terra Calssic are Binance, OKX, Bybit, BingX and MEXC.
