May 20, 2024

Terra Classic, LUNC, is recording a notable increase in daily transactions, reaching an impressive 590,000. This surge in activity shows a resurgence in user engagement within the blockchain ecosystem. 

The return of users to Terra Classic’s controversial blockchain suggests a renewed interest in the platform. 

Terra Classic Hits Record Transactions and Staking Surge: Signs of Recovery?

The recent news from the Terra Classic Foundation showed exciting progress in the network’s activity. On November 22, a remarkable 589,000 transactions were recorded, setting a new all-time high.

This surge is substantial compared to the average of 300,000 transactions in the previous month. Not just that, there’s another exciting update for the Terra Classic community.

The staking ratio, which measures how much of the circulating cryptocurrency supply users stake to earn rewards, is on the rise again. 

After a slight dip in mid-November, Terra Classic’s staking ratio has climbed back above 15%. These positive trends in transaction numbers and staking ratio indicate a brighter outlook for Terra Classic. But while the recent milestones are promising, sustained progress is key for Terra Classic’s future success.

Terra Luna Classic Grows Over 20% as Effort to Revive USTC and LUNC Increases.

A popular LUNC investor, Derek, recently shared via the X platform that Terra Luna Classic has hit a significant level.

According to him, “LUNC strongly broke the MA200 line, which had been depressed for over a year.” “Since then, it has been cooling down for a while above the MA200 line,” Derek added.

The trader said it’s good that LUNC is doing well, but it’s important for it to stay above the 200MA line. However, Derek mentioned that a slight dip in the 200MA line is still okay because the RSI (Relative Strength Index) is strong at 58.

Impressively, this breakout is evident in the price of Terra Luna Classic (LUNC). According to CoinGecko, crypto assets have gained more than 20% in the last 30 daysAlso, over the past 24 hours, LUNC is up slightly by almost 1%.

In its prime in 2021, Terra was a standout blockchain, thanks to the widespread use of its LUNA coin and sister token TerraUSD (UST). However, the coin didn’t last in the crypto space, losing billions of dollars due to several issues.

The collapse of the project led to the emergence of two separate chains, Terra 2.0 and Terra Classic. Since the split, community members have been tirelessly working to revive the former glory of their respective ecosystems. 

In the case of the Terra Classic community, their recent strategic initiatives are showing positive outcomes. 

Earlier this year, a community member submitted a proposal suggesting burning 80% of the token in the community’s Oracle Pool. All these efforts show how committed the Terra Classic community is to making the project a success once more.

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