Recently, the Terra Classic ecosystem has been in the spotlight due to its developmental efforts, with the testnet upgrade to version 2.0.0 being the latest advancement. Contrary to general expectations, this recent improvement hasn’t translated into the price of the Terra Luna Classic token (LUNC).
Since the start of February, the price of Terra Luna Classic has been on a downward trend. And it can be said that the project’s recent growth hasn’t done much to halt this decline.
LUNC Price Falls By 15% In Single Week
Over the past seven days, the Terra Luna Classic market has experienced a drastic price decline, losing more than 15% of its value. This bearish period was preceded by a week in which the price of LUNC was relatively stable, moving in a horizontal direction.
However, a broader look at the market shows that Terra Luna Classic has been on a downward trend in the past few months. Since the beginning of February, the token has recorded a price fall of nearly 53%.
According to data from CoinGecko, LUNC is currently valued at $0.00009549. In the past 24 hours, the value of this cryptocurrency has dropped by about 5%, falling beneath the crucial $0.0001 level in that time.
LUNCUSD on a downward trend | Source: LUNCUSD chart on TradingView
The last time Terra Luna Classic made it below this price point can be traced back to August 2022 – the aftermath of the Terra ecosystem collapse. With the $0.0001 level failing to hold, the token would hope to find rest at its next support level of $0.00009275, even though the current sentiment is strongly bearish.
L1JTF Proposes Mainnet Upgrade To V2.0.0
In other news, the L1 Joint Task Force team just completed the upgrade of the rebel-2 testnet to v2.0.0, integrating various new features for better functionality and security. Notably, this serves as a preliminary step towards the Terra Classic mainnet upgrade.
The testnet was upgraded to v.2.0.0 with Cosmos SDK v0.45 and will provide a secure and controlled environment for the L1 team to test upgrades on the mainnet. The testnet upgrade, completed on the 4th of May, was announced on Twitter by Till, a part-time developer for the L1 team.
We upgraded the rebel-2 testnet to v2.0.0 with Cosmos SDK v0.45.
Purrs like a cat now. Thank you for participating in the upgrade test:@StakeBin @edk208 @Allnodes@Lunanauts_Lunc@StellarDrift__ @SolidVote
— fragwuerdig (@frag_dude) May 4, 2023
Following the successful testnet upgrade, the L1 team’s project manager submitted a proposal aimed at upgrading the Terra Classic mainnet to v2.0.0. According to the proposal document, the mainnet upgrade implementation is slated for May 17. This enhancement will implement a transition to Cosmos SDK v0.45.13 and Tendermint v34.24.
#LUNCcommunity Please review and comment on the proposal to upgrade to v2.0.0 at the following location:https://t.co/6B60jBpo7r
— ????LuncBurnArmy???? (@luncburnarmy) May 5, 2023
It is important to mention that these upgrades are in accordance with Terra Classic’s revitalization plan. Having recorded considerable success in Q1 2023, the development team looks set to reach more milestones in Q2 2023.
-Featured image from BTCC, chart from TradingView
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Author: Opeyemi Sule