- Terra Classic (LUNC) and Terra (LUNA) dropped over 10% in the past 24 hours.
- Conflicts of interest within the LUNC seem to have triggered the massive selloffs.
- Despite the drops, the two tokens saw an uptick in their trade volumes.
Amidst hopes of a likely recovery, Terra Classic (LUNC) and Terra (LUNA) experienced significant declines in the last 24 hours. Data from CoinMarketCap show that the two tokens dropped over 10% in the past 24 hours. Surprisingly, the tokens saw an uptick in trade volume, with LUNC adding 141% and LUNA recording 73% in the last 24 hours.
This decline comes as the Terra Classic community wages a battle of ideas and interests in pursuit of the network’s recovery. Notably, a core member of the Terra Classic community, LUNC DAO, proposed to lead the chain. However, not a lot of the community members support that.
In response, LUNC DAO posted that the LUNC classic whales will dump the token, consequently crashing the value it has managed to build over time. Similarly, rumors emerged that Classy Crypto, another prominent member of the LUNC community, has dumped his entire LUNC holdings. However, he clarified that he didn’t sell his total holdings.
Additionally, Classy Crypto accused LUNC DAO of trying to forcefully take over the chain by tanking the token’s price. Since the start of the dump, other community members have been attempting to salvage the situation by buying the tokens. Despite these efforts, the token has struggled to take off back.
The LUNC community, in recent times, has made several proposals for the revival of the chain. Recently, some community members suggested having a CEO lead the chain. According to proponents of the idea, having a CEO makes it easy to bring in new users and developers to help the network.
Part of the many names that came up was the CEO of Binance Exchange, Changpeng Zhao. The founder is one of the most prominent names in the crypto ecosystem and heads the largest crypto exchange in the world.
According to Classy Crypto, although having a group of people decide on the network goes against the idea of decentralization, he believes having one benefits the network. However, many community members believe having a CEO could also lead to misuse of power.
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