LUNC entered an uptrend amid heightened market uncertainty and bearish investor sentiment. The token has seen impressive gains over the past few days. This price increase did not fail to arouse the curiosity and interest of investors.
A rise driven by significant buying pressure
The increase in activity on the Terra Classic network would be one of the factors that caused the recent increases observed in the price of LUNC. According to data from Coinmarketcap, the market capitalization and trading volume of LUNC increased by 17.75% from June 09 to June 10.
Since then, the rise has slowed; however, the LUNC token remains among the cryptos with the highest transaction volume. LUNC’s price increase ensured it a place among the top cryptocurrencies in terms of transaction volume.
This increase is also due to the fact that LUNC Burn Army published news of the proposal v2.1.0 upgrade June 3. On June 07, the vote on governance began as recalled NewBTC. The upgrade is expected to happen on June 14. This v2.1.0 upgrade release is a major milestone for the Terra Classic community as it will provide LUNC with parity with other Blockchains. With such a benefit, developers will be able to resume building on the Terra Classic Chain. Additionally, this upgrade brings new features and improvements to Terra Classic. Validators will now have a minimum commission of 5%.
The LUNC community behind the price hike?
The token burning initiative taken by the community would also have contributed a lot to the recent price increases and LUNC trading volume. It has removed nearly a billion LUNC tokens from circulation.
Then, the Bug Bounty initiative launched by the LUNC Burn Army increases the level of security. Indeed, anyone who identifies and reports a security breach on the Blockchain will be rewarded.
The rise in the price of LUNC therefore comes from both external and internal factors. She’s not as important as a few days ago. That said, the fact that LUNC defied the bear market is already an achievement in itself. But will he be able to repeat this feat over a longer period?
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