The Terra Classic token (LUNC) has increased by over 20% over the past 24 hours as the community discusses the Parity upgrade. If the proposal is approved, the upgrade is expected to pass on June 14.
The infamous Terra Classic (LUNC) token is seeing a huge price hike ahead of Parity’s highly anticipated upgrade, although it has not been confirmed yet.
LUNC token is up about 20% in the past hours, its biggest rally in quite some time. Currently, traders are trading LUNC for $0.000107.
Terra Classic (LUNC) Skyrockets in the last 24 hours
The token’s trading volume also increased by a significant amount. It has increased by 750% in the past 24 hours, according to BeInCrypto price data. This figure is currently around $395 million. This is very noticeable due to the low popularity of the token in the crypto community.
Terra Classic has a market capitalization of about $600 million, up more than 20% in the last 24 hours. That’s still quite a long way from its peak of $40.99 billion, which it’s very unlikely to reach again.
However, backers of the project and the token remain optimistic about the future. The anticipation of a parity upgrade is a testament to their optimism. Crypto whales also participate in the event. Many of these whales buy large amounts of LUNC before making the upgrade.
The upgrade, if approved, will be in less than ten days. Major changes will occur in the network. Given this, it is not unreasonable to speculate that the token could regain its levels in September 2022.
What is a parity upgrade?
parity promote For LUNC, version 2.1.0 will go into the network and focus heavily on governance. Notable features of the promotion are a minimum 5% commission for validators, and entry Cosmwasm v1.1.xas well as two security updates.
The LUNC community is currently reviewing and discussing the proposal. The L1 Joint Task Force (LITF) is responsible for proposal and development leadership. If the update is passed, the update is scheduled for June 14th.
Binance burns over 1 billion TB tokens
Meanwhile, Binance has burned 1.04 billion Terra tokens, which independently led to a significant price hike of LUNC. The burn was the 10th such installment of the burn experiment, which now brings the total burn to 33 billion LUNC tokens.
If you want to read about the best Binance alternatives to buy and trade cryptocurrency, check out our guide here!
This specific burn was from April 30th to May 30th. It’s a lifeline for Terra Classic in that the token will welcome any and all help to get back to its glory days. The community is keen to make it useful and original, although there are still many doubts about it.
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