The general crypto market hasn’t affected Terra classic as the token is performing better than BTC and ETH, rising by almost 4% over the last 24 hours, according to data on Coinmarketcap. The BTC is down 8%, trading at $16,665 while ETH is also down 7%.
The good movement of the Terra classic despite the panic statement about the coin is confirmed by some analysts to be a testament to the progress the chain has made in adding utility and its burn mechanism.
On the other hand, according to community members on Twitter, In a sea of red, Terra’s Classic ability to print daily green candles has been because it is the most decentralized project in the face of ongoing regulatory scrutiny of large, centralized exchanges.
Why Terra Classic Performs Better
Far before this time, the coin has been an attractive point for the platforms as many companies added support to increase its use case. For instance, some of the utilities added by the community to drive adoption have been its first Dapp and FCF Pay, a cryptocurrency payment gateway, adding support for Terra Classic (LUNC) to enable people to use the token as a payment method, burning 0.2% of all the transactions.
Also, the community has been part of the driving force since after the May collapse of the parent blockchain that threw many into loss of multi-million funds.
Furthermore, the developing team behind the coin launched a lottery game which will help to burn the LUNC token as well as reward the winner of the game.
The community is working to make the coin increase the adoption of the coin as stated by the LUNC as stated by Classy Crypto.