05 Jun 2023 Marsha Tusk
Terra Classic (LUNC) Skyrockets, While PEPE Plummets In A Turbulent Time For Cryptos
In the middle of several weeks of gloomy mood, Terra Classic (LUNC), the original chain of the destroyed Terra (LUNA) ecosystem, has seen a huge increase in value. Indeed, the benefits arise from the efforts made by the LUNC community to make the network useful.
The most recent update shows that LUNC is currently trading at $0.0001083, a phenomenal increase of 28.59% over the previous 24 hours.
The market capitalization of LUNC rose to $635.9 million as a result of increasing buying pressure, with almost $138 million entering the token in a single day, according to CoinMarketCap statistics.
Source: CoinMarketCap
Due to the extraordinary increase in value, LUNC is now among the top cryptocurrencies in terms of trading volume. Notably, LUNC is the seventh-most actively traded cryptocurrency on Binance's spot market.
The v2.1.0 upgrade proposal news, which has been receiving a lot of attention, sparked the revival. The Terra Classic blockchain will undergo its third substantial upgrade with the upcoming release, which is set for June 14.
The patch specifically tries to harmonize Terra Classic with other blockchains, such as Terra 2.0 and numerous Cosmos chains. Projects and developers are expected to once again be able to use the Terra Classic chain as a practical option by establishing this parity.
There are numerous new features and enhancements in version 2.1.0. One of them stipulates that validators must get a minimum 5% commission in order to encourage just pay.
The platform's dependability and security have reportedly been improved by the addition of Cosmwasm and two security patches. The upgrade also includes a number of interesting additions. The WasmVM upgrade aims to add multichain functionality and increase Terra Classic's possibilities. Additionally, it is anticipated that after the upgrade is implemented, interoperability between various Cosmos chains would be strengthened.
In addition to the network update, LUNC has benefited from further community activities, like the burning of surplus tokens, to increase the utility of the network. At the same time, Terra Classic continues to receive backing from trustworthy organizations like the Binance cryptocurrency exchange.
Leo Smigel, the creator of Analyzing Alpha, for example, offers a positive outlook on Terra Classic's future by highlighting the community's efforts to revitalize the platform through a specific revitalization approach and striving to ensure a smooth transition toward growth.
PEPE plummets 70% from its all-time high
After initially surging in value when the token was introduced, the meme coin Pepe (PEPE) has since seen a dramatic decrease in value. On April 18, 2023, the token attained real-world worth. Since that day, Pepe has increased 2,192% in value relative to the US dollar. Pepe has, however, lost more than 13% of its value during the last seven days, and according to figures for the past 14 days, it has lost more than 26%. Additionally, the meme coin hit its all-time high (ATH) at $0.00000431 per unit exactly 30 days ago, on May 5, 2023.
PEPE has lost almost 70% of its value since achieving its ATH. PEPE has been down 4.1% in the last day. PEPE still has the third-largest market cap among meme coins, at $530 million right now, despite the decrease. The Pepe the Frog-themed meme coin saw $57.25 million worth of global trade activity over the course of the last 24 hours.
Dogecoin (DOGE) and Shiba Inu (SHIB), the top two most popular meme coin crypto assets, have outperformed PEPE over the past week. PEPE lost 13% over this time, DOGE has increased against the US dollar by 0.3%, and SHIB has decreased by 1.3%. There are 116,394 holders of PEPE at the moment, and the top ten wallets control 41.67% of the coin's supply. A total of 64.60% of the total supply of this meme coin asset is held by the top 100 wealthiest PEPE investors.
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