Despite a Huge Jump, Terra Classic Not the Top Performer
Why is LUNC Up?
Terra Classic (LUNC) is up over 33% in the past seven days – but as can be seen from the chart below, that is only a small part of the picture. LUNC made gains north of 125% before retracing back to lower levels in the past few weeks. What is behind the price movement is anyone’s guess, as LUNC famously crashed into oblivion with the de-pegging event of stablecoin TerraUSD (UST).
One reason for the rally could be the decision of a court in Montenegro to extradite Do Kwon to either South Korea or the United States. Why this should pump the token, though, remains a mystery. As Crypto Banter’s Ran Neuner said, the lunar cycle could play a role here, attesting that there really is no reason for the pump. Neuner subsequently revealed he is short on the asset.
BLUR Continues to Lead
As CNA reported, Blur (BLUR) has recently taken off and despite a 5% correction in the past 24 hours, is still the biggest gainer in the past week with a 65% increase. The recent gains of BLUR can be attributed to three main reasons: Firstly, the transition to Season 3 with substantial rewards for Season 2 participants. Secondly, the launch of a new Layer 2 network named Blast by the Blur founder, bolstered by a million-dollar investment, and its upcoming airdrop. Lastly, the rising price of BLUR has induced Fear of Missing Out (FOMO) among investors, leading to increased trading volume and a market cap surge.
BLUR is the native governance token of the Blur NFT marketplace and aggregator platform, offering advanced features like faster NFT sweeps and portfolio management, and is integral to the Blur ecosystem and linked to the Blend lending protocol, empowering community members with voting and reward opportunities.
Cosmos Network SEI With Massive Gains
Sei (SEI) which has gained an impressive 38% in the past seven days is actually up 109% month-on-month. Over 120 projects are currently building on the Sei blockchain, and its recent public testnet saw about 3.6 million unique users while processing over 35 million transactions in less than a month. Additionally, Circle, a notable stablecoin issuer, invested in the Sei Network. This investment, particularly from a prominent player in the crypto space, likely boosted investor confidence.
The SEI blockchain is a DeFi-focused layer 1 blockchain built using the Cosmos SDK. It offers high performance, scalability, and customisability for DeFi applications, benefiting from Cosmos’ interoperability features. SEI is designed to handle high transaction throughput and low latency, essential for efficient DeFi operations, while emphasising security, decentralisation, and community governance.