Terra ecosystem has been dominating the news for the wrong reasons recently. However, despite the negativity surrounding the blockchain’s collapse, LUNC, the native token for Terra Classic, is currently gaining massive attention among crypto investors over the past month.
The Terra developers created a new blockchain after the collapse of the previous one, which crashed both stablecoin TerraUSD (UST) and Terra Classic (LUNC).
Before the launch of the blockchain that created LUNA 2.0, many LUNC investors contested the idea. But according to Do Kwon, CEO of Terraform Labs, it was the only means to save investors from huge losses.
Do Kwon’s proposal to revive the Terra ecosystem went through a governance voting process at the Terra Station and was eventually approved. However, many investors prefer the old chain and token, which makes them keep holding LUNC.
Terra Classic Holders Increases Over 500% in a Month.
CoinMarketCap data showed that Terra Classic was the second most searched token on the platform on 7th June. In addition, LUNC was also the most trending on 3rd June.
Moreover, the total number of unique addresses holding LUNC last month has surged dramatically. According to CoinMarketCap, the holders grew from 1,642 to10,266 on 5 June, representing a 525% increase within a month.
According to the chart shared above, Terra Classic (LUNC) holders notably spiked on the 14th of May, a few days after the collapse of the Terra ecosystem. The increase in LUNC holders pointed out that many investors don’t have faith in Do Kwon’s newly created blockchain.
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Do Kwon Used His Shadow Wallet to Approve His Own Proposal
Meanwhile, Do Kwon, the founder and CEO of Terraform Labs, has been accused of manipulating the approval of the proposal that gave birth to the new Terra blockchain.
According to FatMan, the famous Terra ecosystem whistleblower, Do Kwon used his secret and shadow wallets to approve his own proposal.
FatMan tweeted, “Do used his shadow wallet to approve *his own proposal* through governance manipulation (TFL is not supposed to vote), told everyone it would be a community-owned chain, and then gave himself a nine-figure score. These are just the verified wallets – there are many others.
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