The Terra Classic (LUNC) token has increased by over 20% in the past 24 hours as the community discusses the Parity upgrade. If the proposal is approved, the upgrade is expected to be passed on June 14.
The notorious Terra Classic (LUNC) token is seeing a massive surge in price ahead of its highly anticipated, though yet to be confirmed, Parity upgrade.
The LUNC token has surged by about 20% in the past hours, which is its largest rise in quite some time. Currently, traders are trading LUNC for around $0.000107.
Terra Classic (LUNC) Skyrockets in Past 24 Hours
The trading volume of the token is also up by a significant amount. It has increased by 750% over the last 24 hours, according to BeInCrypto price data. Currently, that figure stands at about $395 million. This is highly notable due to the token’s decline in popularity within the crypto community.
The market cap of Terra Classic is about $600 million, which is up by over 20% in the last 24 hours. This is still quite a distance from its peak of $40.99 billion, which it is unlikely ever to reach again.
However, supporters of the project and token remain optimistic about the future. The anticipation for the Parity upgrade serves as a testament to their optimism. Crypto whales are also joining in on the event. Many of these whales are buying large amounts of LUNC before the upgrade takes place.
The upgrade, if approved, is less than ten days away. It will bring significant changes to the network. Considering this, it is not unreasonable to speculate that the token could potentially regain its September 2022 levels.
What Is the Parity Upgrade?
The Parity upgrade for LUNC will usher v2.1.0 into the network and is largely focused on governance. The salient features of the upgrade are a minimum 5% commission for validators, the introduction of Cosmwasm v1.1.x, as well as two security updates.
The LUNC community is now currently reviewing and discussing the proposal. The joint L1 Task Force (LITF) is responsible for the proposal and leading development. If passed, the update is scheduled to take place on June 14.
Binance Burns More Than a Billion Terra Tokens
Meanwhile, Binance has burnt 1.04 billion Terra tokens, which independently led to a hefty price bump for LUNC. The burn was the tenth such batch to experience the burn, which now brings the burn total to 33 billion LUNC tokens.
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This particular burn was for the period April 30 to May 30. It is something of a lifeline for Terra Classic in that the token will welcome any and all help to get back to its glory days. The community is keen on making it useful and authentic, though there is still a lot of skepticism around it.
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