The price of Terra Classic cryptocurrency has been rising like a “phoenix” – rising from the ashes. The digital asset that was once one of the biggest on the market, but then collapsed, and caused the crypto market to lose $2 trillion, is getting attention again.
The price of LUNC (formerly LUNA) rose over 70% last week, ending September on a high. The asset’s recent successes have seen it outperform other currencies over the past month.
The asset, which is currently trading at $0.00031, has seen its market cap rise to over $2.1 billion. With its rise, LUNC has reached a new milestone, joining the top 10 crypto assets by trading volume list.
LUNC rises like a phoenix
LUNA saw an increase in trading volume in September due to the announcement of the implementation of a token burning system. The announcement garnered support from exchanges including Binance, which gave users the option to burn 1.2% of LUNA per transaction.
Binance’s decision also came with speculation that the exchange would soon list the asset on other trading pairs. However, the exchange has dismissed claims that the burn scheme meant an automatic listing. Instead, the platform stated that it would only list the asset, on other pairs, after its regular internal review.
Meanwhile, Terraform Labs founder Do Kwon has been suffering from lawsuits. While this is bad for LUNA (the “new” token), it is good for LUNC. After all, Do Kwon’s arrest could reveal many details of the ecosystem disaster.
“The news from Do Kwon has put the LUNA community on edge. They feared that it might affect their new burning scheme and erase the progress made so far. However, the opposite occurred and showed that what is bad for Do Kwon is good for LUNC. Now, with the support of Binance and Coinbase, the coin looks ready for another good month,” said analyst Aliyu Pokima.