Here's Why Terra Luna Classic Is Surging Today
Today's impressive move in former high-flying cryptocurrency Terra Luna Classic (CRYPTO: LUNC) has sparked renewed interest in this hard-hit token. This token's surge of 12.2% over the past 24 hours, as of 12:15 p.m. ET today, stands in stark contrast to an overall crypto market that's on the decline alongside equities today.
While few explicit explanations for this move exist, other than renewed speculative interest in "meme-like" rallies among hard-hit cryptos right now, there is one specific news item that may be invigorating LUNC investors today. The fact that Cardano's (CRYPTO: ADA) Djed algorithmic stablecoin has hit its network's mainnet may be compelling news for investors considering the revitalization of such tokens moving forward. Today's price action has been more muted for Cardano, which is roughly flat over the past 24 hours, though the token did see a nice surge in yesterday's session.
The key question many investors had following the incredible collapse of the Terra Luna (CRYPTO: LUNA) ecosystem last year was: Will algorithmic stablecoins ever become viable, or is this space one that's forever doomed?
Source Fool.com
