The entire crypto community was carefully watching the event of Terra Classic [LUNC]’s unprecedented surge over the last few weeks. Several developments happened in the Terra ecosystem that have the potential to change its fate for good.

For instance, with the recent arrest warrant for Terra’s co-founder Do Kwon, another interesting piece of news surfaced. As per sources, Terra stands to be a community-owned blockchain.

<p lang=«en» dir=«ltr» xml:lang=«en»>$LUNA BREAKING NEWS

⚠️Note $LUNC is now community owned, not owned by Terra (or #DoKwon).⚠️https://t.co/jkBXAQkyg8#LUNC #LUNACLASSSIC #LUNCARMY #LUNACLASSICCOMMUNITY $LUNC #LUNCCOOMUNITY

— LUNCBURN COMMUNITY (@KingAnu53015481) September 14, 2022

The entire episode was followed by a decline in the price of both LUNC and LUNA simultaneously, as both the coins’ daily-charts were mostly painted red. At press time, LUNA was trading at $3.02 and LUNC’s price was $0.000276.

However, a close look at the chart revealed that LUNA’s performance over the last week had fared better than LUNC, as it registered a positive 40% growth while the other went down.

Interestingly, LUNA’s on-chain metrics also painted a positive picture for the token, as most of them indicated a possible uptick in the days to come. For instance, according to Santiment’s data, LUNA’s development activity grew considerably over the last month.

This can be considered as a thumbs up for the network as it represents the continued effort of the developers in improving the blockchain. Moreover, the price surge was also backed by higher volumes, ensuring a stable rise. While the token registered massive gains, the community’s interest also grew in the token.

This seemed evident from the surge in LUNA’s social volumes.