Terra Luna Classic (LUNC) continues its decline with yesterday evening and continues to wink at lower prices, breaking another support level. The developments in the cryptocurrency market in the last week are giving LUNC investors a bad day, like most other cryptos. Losing 30% compared to last week and 9.3% compared to yesterday, LUNC is trading at $0.00018 at the time of writing.
The token, which has a market value of 1 billion 250 million dollars, got its share from the anxious side of the market. While many more crypto platforms are expected to declare bankruptcy after FTX, lower levels seem to be imminent for LUNC. On the other hand, the trading volume of LUNC also decreased to $150 million.
The Terra Luna ecosystem, which collapsed in May 2022 and started the eventual collapse of the entire crypto market, took a new path with the old tokens being renamed Classic and the new ones being released. LUNC may witness several new developments in the final months of 2022. In the remaining two months of the year, Terra Luna Classic (LUNC) is expected to receive the following updates:
- Vanilla Cosmos 0.45.8
- CosmWasm 1.0.0
- Tendermint v0.34x.
With every LUNC transaction made, some of the transaction fees continue to be burned and the token remains deflationary. The volume of LUNC burned has also increased due to the very high trading volumes seen in the market this week. According to some social sentiment data, LUNC may show better moves in the continuation of this market compared to the rest of the market.