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Top Cryptocurrency News: Terra Classic Climbs 20 Percent in a Day Adding $130 Million to its Market Cap

27-Aug-2022 By: Ashish Sarswat
Top Cryptocurrency N

Terra Luna Classic (LUNC), the original chain of the now-defunct Terra (LUNA) token, is experiencing strong buying pressure, which is driving its value upward.

 Notably, demand for the token appears to resist the continued prolonged volatility in the crypto market.

In particular, Lunna Classic (LUNC) average price has increased by 21% in the last 24 hours, trading at $0.00012, after peaking at $0.00013 during the early trading hours on August 26.

According to CoinGabbar technical analysis, the long term increase in the price of terra classic (LUNC), a native token of Terraform Labs, was prompted in part by capital inflows of around $137.7 million within 24 hours.

LUNC’s burn accelerates 

Although LUNC price prediction for 2022 was expected to perish following the contentious downfall, the community has remained active and supportive of the cryptocurrency, despite its association with scam currencies. Some of the projects have focused on limiting the supply of the token.

According to the live terra classic price prediction burn tracker, the number of tokens burned so far is 3,080 billion.

“Total burned Lunch stands at more than 3050 billion. The market capitalization or trading volumes in the last 24 hours is $157 million, and 1.2% of that is $1.88 million at current pricing and book,” according to a tweet from the platform on August 25.

In general, reducing the overall supply of LUNC will enhance scarcity and likely push the price up gradually.

Impact of community short squeeze 

Furthermore, the recent increase in Terra's value can be ascribed to short squeeze attempts by the community in an attempt to reclaim lost glory. At the same time, other observers anticipate that LUNC will follow in the footsteps of meme currencies such as Dogecoin (DOGE).

It is also worth noting that LUNC's attempt to rally is connected to aspects like the token's ongoing listing on key crypto exchanges, despite the lack of meaningful use cases.

Additionally, LUNC's positive attitudes have connected with Terra founder Do Kwon's latest interview, in which he continues to deny any culpability in the collapse. He said in the interview, “there was a mole within the Terra ecosystem.”

In this regard, authorities are currently investigating Kwon, with South Korean prosecutors have instructed the Ministry of Justice to issue a notice upon the founder's arrival. 

To read more about terra classic coin price prediction and bitcoin btc, keep following CoinGabbar. 

Read also: In Singapore, Three Arrows Capital opposes liquidation as MAS tightens oversight



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