The dramatic decline of Terra’s native assets, LUNC and USTC, was devastating in every respect. After millions of dollars were washed away, the crash had a huge impact on the entire market. Despite increasing scrutiny, especially from South Korean regulators, Terra creator Do Kwon has deployed another network, Terra 2.0. Investors clearly chose one because both networks exist in the crypto market.
Terra 2.0 started out as a completely different network than the original one. Since USTC is no longer part of Terra 2.0, the algorithm’s involvement with Stablecoin has been disabled. The entire community was expected to adopt LUNA 2.0, but instead individuals were entering the LUNC market.
After the crash, LUNA was changed to Luna Classic or LUNC. Assets witnessed a sharp decline, falling below $ 1. But now, Altcoin has risen 58.30% in the last 24 hours, pushing the price up to $ 0.0001363.
Twitter was certainly overwhelming. The sudden rise in LUNC prices indicates that the community can still be accompanied by trust in assets. This sudden surge may be due to the fact that some people have returned to Kwon by sticking to LUNC instead of investing in LUNA 2.0.
LUNA 2.0 didn’t feel the heat of bears either. The brand new cryptocurrency rose 16.53% and was trading at $ 2.61.
It was also speculated that this sudden surge in LUNC was due to a video released by “Anonymous”. However, it seems that the community was actually pouring money into the network. LUNC’s 24-hour trading volume increased 69% to $ 825,765,235.58.
In addition to this, Starship, a metaverse platform, has announced that it will be equipped with LUNC. This would certainly have triggered an ongoing rally.
USTC makes a big leap over LUNC
Terra Classic USD, Terra’s depegated stablecoin, while LUNC achieved double-digit profits [USTC], Earn a triple digit profit. With a 290% surge in the last 24 hours, USTC was trading at $ 0.075 at the time of the press.
Algorithm’s stablecoin is still 91% below the $ 1 peg. However, according to CoinMarketCap, USTC is 1310 percent above the all-time low of $ 0.0062.
In addition, those arrays wanted to be millionaires with the latest uptrends in LUNC and USTC. However, several others pointed out how these assets were not monitored even after approaching zero. One Twitter user even pointed out that the SEC was busy chasing Ripple and XRP, and such problematic assets were even overlooked.