The Prices of Terra Classic (LUNC) and USTC Make You Gaze, Because They Rise Hundreds of Percent||tron-fan-club: 10.00%

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On this occasion tonight I'm back with you, and I want to share the news. The Terra Classic (LUNC) crypto price since the end of November has become a serious spotlight on the crypto market, because it suddenly soared quickly by more than 300 percent over the last 30 days. Even over the last year its success exceeded the highest price (more than 34 percent). Even though the crypto project led by Do Kwon in the past collapsed and the price became zero in 2022. LUNC's surge also impacted the price supply of the volatile stablecoin, TerraClassicUSD (USTC), by 141 percent in the past year and 366 percent in the past 30 days (US$0.05394). On the other hand, the price of Terra (LUNA) has soared 100 percent over the last 30 years.

Until now it is not clear what is driving the sentiment and speculation towards this crypto project which has long been extinguished after being abandoned by Do Kwon and his friends. However, a few weeks ago news spread that several groups at the Terra Foundation and LFG received fresh financial support to be able to get back on their feet. This rumor is difficult to confirm, but what is clear is that the market is volatile and is able to attract many people in econometrics because the crypto market is hot.

There are also those who speculate that this happened because there was a burn. More than 78 billion LUNC tokens have been destroyed, causing a significant reduction in supply to 5.8 trillion tokens.

This may be related to Binance's announcement on Monday (4/12/2023), that the LUNC/TRY trade pair will soon be announced on the spot market today, Wednesday (5/12/2023). Binance Labs itself is known as a supporter of the Terra project in 2018 but withdrew before the 2022 scandal occurred.

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Terra (LUNA) Project Flashback

Terra Classic Crypto (LUNC) is related to the collapse of the Terra blockchain project led by Do Kwon on May 28 2022 and ended in the biggest scandal in the crypto world. The tragedy that shocked the world before FTX went bankrupt was also related to another cryptocurrency, namely Terra (LUNA). Let's take a moment to look back.

At first it was the Terra blockchain project under the banner of the Luna Foundation, which was started in January 2018 by Do Kwon and Daniel Shin, both South Koreans. Then in April 2019, the blockchain started launching its native cryptocurrency called Terra, with the symbol LUNA.

In 2021, the Luna Foundation launched a stablecoin worth US dollars and Korean won, with values ​​closely correlated with usage and transactions of the LUNA cryptocurrency. The principle of how it works is similar to the algorithmic stablecoin DAI, because it is not collateralized by real assets in the form of physical dollars or other assets of the same value. This concept is at odds with the USDT stablecoin project made by the Tether company which has been running since 2014. Just like other blockchain projects that focus on stablecoins, Terra “guarantees” that the value of the stablecoin remains stable at 1 to 1 against the dollar. At that time their stablecoin was called TerraUSD (UST) with high transaction speeds thanks to a fast blockchain with affordable fees.

So a few weeks in 2022, after the value of the Terra stablecoin collapsed (May 2022), including UST no longer 1 to 1 against the US dollar and the price of LUNA itself practically became zero, the Terra Foundation then took the step of "rebranding" and forming a new blockchain. At that time, Do Kwon said that the fate of his crypto project was the same as the attack on the Ethereum blockchain in 2015 which ultimately gave birth to Ethereum Classic (ETC).

So in 2022, a new blockchain was created where the crypto symbol Terra (LUNA) changed its name to Terra Classic (LUNC) aka LUNA Classic. Meanwhile, the old blockchain remains with the name Terra (LUNA). Meanwhile the US dollar stablecoin also changed its name from TerraUSD (UST) to TerraClassicUSD (USTC). However, this stablecoin is no longer an integrated part of the new blockchain in Terra Classic, and this is all I can share. Thank you, hopefully it's useful, regards.