Luna Classic vs Luna (V2)
After the Terra Luna ecosystem failed on May 9th, two distinct blockchains, Luna Classic (Original) and Luna were created (V2). Do Kwon, the company’s founder, and Terraform Labs (TFL) give up on the Luna Classic chain, making Do Kwon’s Luna (V2) the official chain of TFL?
After three months of work, the Terra Rebels finally restored the Luna Classic chain on August 26th, transforming it into a neighborhood-owned ecosystem. As a result, the Luna Classic chain and the Luna (V2) platform are two wholly different things.
Although most cryptocurrency investors are aware of the differences between Terra Luna, Luna (V2), and Luna Classic, it is crucial to emphasize that Do Kwon, the founder of both chains, has legal problems, and will not have any impact on the future Luna Classic.
This viewpoint is echoed by Edward Kim, the head developer for the Terra Rebels team, who used his official Twitter account this morning to discuss the distinctions between the two blockchains:
Luna Classic — Success!
As investors from all over the world have rushed to the developing blockchain, the price of the Luna Classic token, LUNC, has recently increased. In reality, while Bitcoin and other significant Layer 1 platforms, such as Luna V2, have suffered, Luna Classic has been dominating the whole cryptocurrency market, achieving profits of over 500%. In addition to price increases, LUNC token trading volumes have exploded, ranging from a low of $30 million on August 21 to a high of $3.5 billion on September 8.
The ongoing inquiries into Do Kwon and the operation of the Terra Luna platform before the May 9th collapse have caused the price of the Luna Classic token, which is unrelated to the Luna (V2) blockchain, to fall by 20% this morning.
As a result, the price of Luna Classic fell from $0.00035+ to the $0.00025500 level, its lowest price in almost a month, and then swiftly increased to $0.00031+. As of the time of writing, the token has steadied at $1.4 Billion in volume between $0.00029 and $0.00031.
Whales, news cycles, and the Luna Classic
It’s also crucial to keep in mind that throughout the previous five days, Luna Classic has been the target of constant whale sell-off attempts as the platform prepares to implement the 1.2% tax/burn program, which is scheduled to go live on-chain and at major exchanges on September 20th.
Therefore, the variations in the token’s price are just a result of bad news cycles and price manipulation and have nothing to do with the platform’s actual development. In fact, Luna Classic has a thorough recovery strategy in place called A Path to Recovery of Luna Classic, which outlines the token’s growth goals all the way until 2023. Please take a moment to read the entire plan. It is a fascinating and inspiring vision, one that sets Luna Classic on an unparalleled journey of full recovery, including the potential repegging of the UST algorithmic token.
But After ALL DYOR