LUNA Classic (LUNC), has dropped more than 50% in the last 24 hours.

The Luna Classic price is $0.01, a change of -45.42% over the past 24 hours.The recent price action in Luna Classic left the token’s market capitalization at $51,780,283,629.75 USD. So far this year, Luna Classic has a change of -99.99%. Luna Classic is classified as a Application token under CoinDesk’s Digital Asset Classification Standard (DACS).

Terra’s old LUNA token, now known as LUNA Classic (LUNC), has dropped more than 50% in the last 24 hours. It is currently trading at around $0.007705. The new LUNA token also saw its price dip by over 25% in the past 24 hours and it is currently trading at $6.30. LUNA 2.0 had briefly reached $30 after its launch.

Luna classic (LUNC) is the native token of the original Terra blockchain, which was launched in 2018. At that time, the token’s name was LUNA. In the wake of the collapse of the blockchain’s algorithmic stablecoin, TerraUSD (UST), in May 2022, the community voted to create a new blockchain.After the launch of “Terra 2,” the native token of the new network inherited the LUNA name, while the old blockchain’s token was rebranded to luna classic (LUNC).

As of May 2022, LUNC’s all-time highest price was $119.02 (when it was still the old LUNA token), recorded in April 2022. The token rallied past $100 from a few dollars in less than a year and became one of the top 10 cryptocurrency by market capitalization as sustained demand for Terra’s stablecoin resulted in a dwindling LUNC supply.

Luna classic was created to be the native token of the original Terra blockchain. It acted as the twin token that was designed to absorb any price deviation of the blockchain’s algorithmic stablecoin, TerraUSD (UST). UST was supposed to keep a one-to-one exchange rate to the U.S. dollar by creating (minting) and (destroying) burning UST tokens to balance the stablecoin’s supply and demand at a $1 price peg.