Terra Classic Staking Has Begun, But Will the Ghost of its History Interfere?

There is now some positive press surrounding Terra Classic [LUNC]. The network has just begun allowing staking of LUNC, and thus far, there has been an incredible amount of interest. This is a positive development on the road to recovery, but will its recent negative history continue to impede it?

Developers for Terra Classic have been working tirelessly to restore service to the network. Among the many significant network milestones, the staking facility has been much awaited.

The most recent data shows that the staking facility has been successfully launched. This is encouraging news, as it shows how well-liked the network is among its users.

As part of the V22 network upgrade, staking is available on Terra Classic. As of right now, it has been confirmed that more than 1% of LUNC’s supply has been staked in the first 24 hours following the upgrade. This result demonstrates that confidence in the undertaking remains high.

 

We are at 101b $Lunc staked so far which is 1.46% of total supply after only 6hrs 🔥 #lunc #lunaclassic pic.twitter.com/kNwCAf91EQ

— LUNC Burn  (@LunaBurn_13) August 27, 2022

LUNC And Beyond?

Thanks to the excellent debut, there is a lot of anticipation for LUNC. This result is in keeping with its elevated social activity this week, especially over the past two days.

Unsurprisingly, the weighted attitude of investors has swung in favor of the bulls. The network is attempting what may be the largest comeback in the history of the cryptocurrency industry, and public opinion has shifted dramatically as a result.

In addition to enthusiastic participation in the game’s social aspects, Terra Classic’s most recent success was supported by a flurry of development work done throughout the week.

For its part, LUNC’s price movement was robust in the week leading up to the upgrade. As of this writing, it was trading at $0.00013, up nearly 57% over the previous week.

The upward momentum in LUNC has hit some resistance as it nears the overbought zone. In spite of the optimistic attitude brought on by the upgrade’s accomplishment, there is a noticeable lack of profit-taking. This is because the majority of LUNC investors believe the price will soon start rising.

The Optimistic Community

The Terra Classic user base is still optimistic about the network’s chances of recovery. This is in part due to the fact that the current team of developers has shown an interest in fixing the problems introduced by the UST crash in May.

The market is paying close attention as a result of this resiliency to see what happens next.

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