Investors put $70 million into LUNC in a single week as Terra Classic interest increases
Despite its decreasing usefulness, investors in Terra Classic (LUNC), the original chain of the defunct Terra (LUNA) coin, continue to have trust in the digital asset. Despite the prevailing adverse market circumstances, the token looks to be beginning an upward trend.
Currently, LUNC has a market value of $965.68 million, up from $881.19 million on November 29 by around $73.4 million, according to statistics from CoinMarketCap.
As a result, the short-term purchasing pressure has somewhat altered the value of LUNC, which was trading at $0.00016 at press time, up more than 2% in the previous 24 hours. The weekly chart reveals that the token’s price has increased by more than 8%.
Although the catalyst for LUNC’s rise cannot be identified, it is important to note that the community has previously participated in short squeezes as a means of reclaiming lost highs. The community intends to imitate the development trajectory of meme-based cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu primarily via social media.
The benefits are the result of continued network development, with the implementation of the Terra Classic v22 upgrade being a key factor. The update intends to allow governance modifications, staking, and burning.
In addition, the Terra Rebels rolled out the v23 update with the intention of re-enabling inter-blockchain communication between the Cosmos blockchain and the Terra Classic system.
Notably, the community is burning around 402 million tokens every day in an effort to reduce the amount of LUNC on the market.
LUNC’s technical analysis continues negative, with a summary indicating a ‘sell’ at 10 on the daily gauges. Moving averages indicate a “strong sell” with a value of 10, while oscillators indicate a “buy” at a value of 2.