Investors pump $70 million into LUNC in a week as interest in Terra Classic returns
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Investors in Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) token, are still showing faith in the digital asset despite its diminishing utility. Amid the prevailing market bearish conditions, the token appears to embark on a bullish upward movement.
As things stand, LUNC has a market capitalization of $965.68 million, recording an inflow of about $73.49 million within a week from $892.19 million on November 29, according to CoinMarketCap data.
Consequently, the short-term buying pressure has partly influenced the value of LUNC, which was trading at $0.00016 by press time, gaining over 2% in the last 24 hours. The weekly chart indicates that the token has surged by over 8%.
Although the trigger for LUNC’s rally cannot be singled out, it is worth noting that the community has previously engaged in short squeezes as part of regaining the lost highs. The strategy is mainly coordinated through social media as the community aims to replicate the growth trajectory of meme cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB).
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