- LUNC maintains its high tempo entering into October, reaching new highs.
- Surging over 70% in the past seven days and listed on new exchanges, LUNC has broken into the top 10 coins by trading volume.
- Analysts say the prospects of LUNC in the last quarter of the year look great due to improved tokenomics.
Terra Classic rises like a Phoenix, barely six months since its ill-fated implosion threatened the existence of the digital assets industry, but its founder remains on the run.
The price of LUNC has been up over 70% this past week, ending September at a high. The recent successes of the asset saw it outperform other coins in terms of growth last month with its 44% rise. LUNC which currently trades at $0.00031, has seen a boost in its market cap to over $2.1 billion.
Although the coin is still a shadow of itself, as it traded at around $100 in April this year, the recent upsurge of the asset is a step in the right direction. With its rise, LUNC has reached a new milestone in its resurgence, breaking into the top 10 coins by trading volume.
LUNA saw an increase in trading volume in September due to the announcement that it will implement a burn scheme. The announcement got the support of exchanges, including Binance, which gave users the option of burning 1.2% of LUNA per transaction. The decision of Binance also came with speculations that the exchange would soon list the asset. Although Binance rejected claims that the burn scheme meant an automatic listing, it said it would only list the asset after its regular internal assessment.
Do Kwon news not stopping Terra Classic
The embattled founder of Terraform Labs, Do Kwon, has been on the wrong side of the news following a red notice issued by Interpol for his arrest. Mr. Kwon, who left South Korea for Singapore before the crash of the Terra blockchain, insists that he is not on the run stating that he is still carrying on his daily routine in Singapore. Despite being active on Twitter, authorities in Singapore say he is on the run and not in the city.
The news of Do Kwon put the Luna community on edge, fearing it might affect its new burn scheme and erase the progress made so far. The reverse has been the case, with the coin making immense gains ahead of others in the market last month. With support from Binance and Coinbase, the coin looks set for another good month.
This article was originally published on zycrypto.com