It is roughly one month since LUNA and UST crashed. There have been significant changes during that time, including a plan to keep LUNA alive through a fork. The latter resulted in LUNA 2.0 and LUNA Classic.
Many who suffered big losses from the LUNA crash have distanced themselves from the project. However, there are those still looking for redemption and those looking to capitalize as LUNA rises once again from the ashes. Distinguishing between LUNA 2.0 and LUNA Classic is important whichever side you are on.
This will allow you to know exactly what to invest safely now.
In today's video, in addition to explaining the difference between the two, we'll give you some important updates on both, and then share with you the general market sentiment. 
So, watch this video till the end so you don't miss anything. 
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Now without further ado, let's get straight to the point.
First, let's try to understand the difference between LUNA 2.0 and LUNA Classic.
The Terra fork was aimed at keeping the network alive. The fork ensured that the original LUNA, now called LUNA Classic or LUNC. It is the LUNA whose supply was inflated to a circulating supply of roughly 6.5 trillion coins due to excessive minting to try and maintain UST’s peg. It also resulted in the creation of LUNA 2.0 which has a much lower circulating supply of 210 million LUNA.
LUNA 2.0 does not have a stablecoin backed by a mint and burn mechanism. Meanwhile, a proposal called Prop 29 was passed to limit the Anchor protocol’s functionality as one of the efforts aimed at preventing future attacks.
LUNA 2.0 seems more popular on paper due to its low circulating supply and higher trading volumes. It clocked in $398 million in daily trading volumes in the last 24 hours, while LUNC had $193.7 million in daily trading volume.
LUNA 2.0 has so far tanked by more than 80% ever since it was launched. On the other hand, LUNC’s crash in May presented an opportunity to buy at extremely low prices. The only downside was that there was little hope for recovery, especially with the massively inflated supply. However, LUNC’s wild card is that its community recently passed a proposal called PROP 3568 which approved the burning of 653 billion LUNC.
On-chain metrics also seem to be in favor of LUNC’s bullish price action. For example, its supply held by whales dropped to 46.28% on 12 June which is the lowest monthly level. However, it has since increased to 46.55%. This suggests that whales are accumulating to take advantage of the supply burn.
LUNC’s social volume and social dominance also registered a significant increase in activity this week. This is largely driven by increased activity behind the cryptocurrency such as proposals aimed at recovery. LUNA 2.0 has also seen an increase in supply held by whales from 46.33% on 14 June to 46.55% at press time.
While LUNA’s crash has significantly impacted the overall crypto industry and created worries for new entrants, we have to remember that it’s not an isolated event. Over the last few years, the crypto industry has seen its fair share of ups and downs. New tokens have emerged with glowing promise, only to fail miserably. Some due to project failures, some due to scams and rug pulls.
One of the positives in the LUNA case was the continuous efforts and commitments of the Terra team. The team worked tirelessly to support the community in this crisis and implement a revival plan that separates itself from the previous mistakes. Terra's operations are still conducted within legal parameters.
Since 2019, LUNA’s achievement in the blockchain space has been extraordinary. The token had maintained consistent growth and correction even during the harshest of market conditions. The crypto community should value that Terra has admitted its mistakes, and the concept of Terra 2.0 shows that it has already started to move away from the previous flawed concept. 
We are not saying that LUNA 2.0 will take off, because the algorithm value proposition massively contributed to LUNA's growth over the years, even though the same aspect caused its eventual crash. Terra 2.0 might not have a new innovative concept, but it sticks to the fundamentals of crypto, which is what the community truly needs right now.
So, although it’s not financial advice, we do think that it’s worth giving Terra a second chance, considering the immense support and contribution of Terraform labs, and its commitment to the community.
And now, if there's a reason to be optimistic about Terra Classic, it's that a lot of previous owners are in the same boat and counting on a technical bounce after a historic drubbing. Since most cryptocurrencies lack the fundamental catalysts that act as valuation drivers for stocks, social media momentum and a large community can occasionally be enough to send digital tokens higher.
To add, there's the expectation that coin burn will reduce LUNC's enormous token supply, thereby making each remaining coin that much more valuable.
Conversely, the biggest issue with Terra Classic is that it no longer serves a purpose. With Terra Classic USD completely de-pegged, there's arguably no future for the once-popular LUNC.
If there's a prevailing catalyst for the new LUNA coin, it's the potential for decentralized application (dApp) development on the Terra blockchain. Without getting too far into the weeds, smart contract-driven dApps are viewed as the most exciting aspect of blockchain technology. Since they're decentralized, there is no controlling entity, and all records are immutable and public. In theory, dApps have the potential to significantly drive down transaction fees over time while dramatically improving the security and transmission of currency and data.
Terra 2.0 went live Following the terra (LUNA) now LUNC and UST price Crash. The Terra community decided to burn LUNC tokens to pump the price and recover the losses on holders. At present, there are nearly 7 Trillion LUNC tokens trading at $0.00006.
Now, there's something important you should know.
A very famous person in the crypto space called FatMan recently took to Twitter to express his contempt for those attempting to dupe investors into purchasing LUNC by circulating false rumors about the token. He thinks that the token will not ever reach $0.001 regardless of how much of it is destroyed.
FatMan believes that the LUNC price will probably not hit $0.001 anytime soon no matter how much LUNC is burned. He Predicts this based on the $40 billion market cap which can never be achieved.
Coming to On-chain volume, as per Fatman On-chain for LUNC is nearly dead. As there are no products to push the chain, the demand for the LUNC tokens is zero. The Projects which were previously based on Terra classic have now migrated to the new LUNA on Terra 2.0. Thus, there is not enough volume to fuel the token price and market cap of LUNC.
Even though the LUNC community could begin burning enormous quantities of tokens, most significant exchanges would not endorse the initiative. For instance, Binance holds nearly 2 trillion LUNC tokens, which represents almost a third of the entire supply. Even if the exchange destroyed all of its LUNC holdings, the price would not drop to $0.001. Therefore, is not a viable option for any exchange.
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