- Investors pump $70 million into LUNC in a week as interest in Terra Classic returns.
- The token has gained more than 2% in the last 24 hours.
- The LUNC community on CoinMarketCap predicted that the asset will end the year at $0.00025.
Investors of Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) token, continue to show faith in the digital asset despite its declining utility.
According to data from CoinMarketCap, LUNC has a market capitalization of $965.68 million , and has seen inflow of $73.49 million in one week from $892.19 million.
Consequently, the token has gained more than 2% in the last 24 hours. The weekly chart indicates that the token is up more than 8%.
Although the reason for LUNC’s rally is not known, it is known that the community has coordinated short selling operations as part of the recovery from lost highs. The strategy is coordinated primarily through social media, attempting to replicate the growth of meme cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB).
The recent upload occurs in a context of sustained development of the network, in which the Terra Classic v22 update stands out as a critical aspect. This update seeks to enable governance, staking and burning changes.
In addition, the v23 update was introduced with the intention of re-enabling communication between the Cosmos blockchain and the Terra Classic system.
There is also accelerated activity regarding LUNC supply reduction in the market, with the community burning around 402 million tokens per day.
The LUNC community on CoinMarketCap predicted that the asset will end the year at $0.00025, maintaining a sustained uptrend. However, it will closely monitor developments around the case facing founder Do Kwon, as progress by the prosecution has in the past resulted in LUNC price drops.
