Terra Luna Classic (LUNC) up 16% in the Past 24 Hours, Regains $1B Market Cap

The recent rally has elevated the asset to the 38th position on the list of largest cryptocurrencies by market capitalization.

Terra Classic (LUNC) has staged another rally amidst a generally flat market, as it gains by over 16% in the past 24 hours. Due to the recent price surge, the asset’s market capitalization has successfully reclaimed the $1B mark after staying below it for almost two weeks.

LUNC’s recent campaign immediately followed a previous price crash to the 3-month low of $0.0001269 last Wednesday. Since the crash, the asset has initiated a comeback, printing four winning candles in the past five days. Notwithstanding, momentum on the rally wildly surged yesterday, as LUNC ended the day with a 10.53% increase.

With the sustained momentum, LUNC successfully eclipsed the price point at $0.00018 for the first time since December 2, having increased by another 12% since the start of today, making it one of the highest-gaining mainstream assets on the market as of press time. For context, BTC has declined by 0.12%, while ETH has shed 0.09% of its value in the past 24 hours.

LUNC has also seen a corresponding surge in market capitalization, having risen to a current valuation of $1.07B. Consequently, the asset has comfortably soared to the 38th position on the list of largest assets by market capitalization, towering over tokens such as EOS (EOS) and Pax Dollar (USDP) with respective market caps of $964.69M and $946.94M at the time of reporting.

Despite facing rejection at the 3-week high of $0.0001848, LUNC has managed to sustain its momentum, currently changing hands at $0.0001796 as of press time, up 34.05% in the past week. 24-hour trade volume has also surged to 191B LUNC, the highest in 25 days. This indicates renewed investor interest in the asset.

Proposal 11111 Crosses the Pass Threshold 

The recent promising movements come amidst favorable developments within the LUNC camp. As recently highlighted, Proposal 11111 successfully hit the pass threshold, triggering excitement amongst community members. The proposal seeks to repeal the provisions of Proposal 10983, which would have seen 50% of burned LUNC tokens reminted and sent to the community pool.

The idea of reminting that much LUNC has been met with fierce opposition, as several pundits believe it is counterproductive to the burn initiative, which aims to reduce the asset’s supply.