Recently, the Terra Classic ecosystem has been in the spotlight for its development efforts, with the testnet upgrade to version 2.0.0 being the latest advancement. Contrary to popular expectations, this recent improvement has not translated into the price of the Terra Luna Classic Token (LUNC).
Since the beginning of February, the price of Terra Luna Classic has been in a downward trend. And it can be said that the recent growth of the project has not done much to reverse this decline.
LUNC price is down 15% in one week
Over the past seven days, the Terra Luna Classic market has experienced a drastic drop in price, losing more than 15% of its value. This bearish period was preceded by a week in which the price of LUNC was relatively stable and moving in a horizontal direction.
However, a broader look at the market shows that Terra Luna Classic has been in a downward trend in recent months. Since the beginning of February, the token has registered a price drop of almost 53%.
According to data from CoinGecko, LUNC is currently valued at $0.00009549. In the past 24 hours, the value of this cryptocurrency has fallen by about 5%, falling below the crucial $0.0001 level during that time.
LUNCUSD on a downward trend | Source: LUNCUSD chart on TradingView
The last time Terra Luna Classic fell below this price can be traced back to August 2022 – the aftermath of the collapse of the Terra ecosystem. With the $0.0001 level not held, the token is hoping to find some peace at the next support level of $0.00009275, even though the current sentiment is strongly bearish.
L1JTF suggests Mainnet upgrade to V2.0.0
In other news, the L1 Joint Task Force team just arrived completed the upgrade of the rebel-2 testnet to v2.0.0, integrating several new features for better functionality and security. Specifically, this serves as a preliminary step toward the Terra Classic mainnet upgrade.
The testnet has been upgraded to v.2.0.0 with Cosmos SDK v0.45, providing a secure and controlled environment for the L1 team to test upgrades on the mainnet. The testnet upgrade, completed on May 4, was announced on Twitter by Till, a part-time developer for the L1 team.
OK.
We have upgraded the rebel-2 testnet to v2.0.0 with Cosmos SDK v0.45.
Now purrs like a cat. Thank you for participating in the upgrade test:@StakeBin @edk208 @Allnodes@Lunanauts_Lunc@StellarDrift__ @SolidVote
— fragwuerdig (@frag_dude) May 4, 2023
After the successful upgrade of the testnet, the project manager of the L1 team submitted a proposal to upgrade the Terra Classic mainnet to v2.0.0. According to the proposal document, the implementation of the mainnet upgrade is scheduled for May 17. This improvement will implement a transition to Cosmos SDK v0.45.13 and Tendermint v34.24.
#LUNCcommunity View 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 note that these upgrades are in line with Terra Classic’s revitalization plan. After achieving significant successes in the first quarter of 2023, the development team looks set to reach more milestones in the second quarter of 2023.
– Featured image of BTCC, chart from TradingView