Terra LUNA Classic is on steroids in the past 24 hours. The coin has made an amazing 53% gain in the course of a day shooting it up on the market cap ranking. LUNA Classic (LUNC) is currently ranked 26 on the chart based on its share of the cryptocurrency market.
Data available at Coingecko shows that it has made a gain of 53% bringing its week-long gain to 128%, effectively more than doubling its value in 7 days. Coingecko data shows that LUNC is now ranked #24 while on Coinmarketcap, it is now ranked #26 according to market capitalization.
1/ Read up on the latest happenings on Terra from project updates to governance proposal outcomes in our August Community Update 🌎👇https://t.co/X8nSEEDdW3
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) September 7, 2022
Terra Luna Classic dropped in value after the Terra USD (UST) depegged from the dollar last May. The Foundation behind the stablecoin and the Terra blockchain has been working behind the scenes to make sure that the Terra ecosystem recovers.
A recent Community Update announced by the Terra team shows that projects updates, integrations and listings have resumed on the Terra ecosystem since the blockchain was restarted after the ecosystem encountered a problem due to the loss of the dollar peg of its algorithmic stablecoin UST. UST has since been renamed USTC.
Among the governance decisions for August according to a blog post is that:
“A proposal to airdrop 19,504,909 $LUNA from the Community Pool to users who did not receive the correct allocation of $LUNA at Genesis successfully passed. ”
Terra Luna Classic is currently the biggest gainer in the coin market. The Terra stablecoin, Terra USD Classic (USTC) is not left out in the recent recovery run. USTC gained 21% in the past 24 hours, bringing its week-long gain to 14%.
Other impressive gains have been made by Ethereum Classic (ETC) which is up by 9%, bringing its 7-day gain to 15%.