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Terra Classic holders increase 500% in a month as investors bet on LUNC recovery

Terra Classic holders increase 500% in a month as investors bet on LUNC recovery

Following the failure of Terra (LUNA) and its subsequent relaunch as LUNA 2.0, the platform’s original chain, which is currently operating under the name Terra Classic (LUNC), is garnering an incredible amount of attention among crypto traders.

CoinMarketCap statistics indicate that Terra Classic is the second most-searched cryptocurrency on the site as of June 7 out of all the cryptocurrencies after LUNC was the most trending digital asset earlier on June 3.

Whatsmore, interest among investors is highlighted by the total number of unique addresses that hold assets in the network in the last month; on May 9, there were 1,642 holders compared with 10,266 on June 5, reflecting an increase of 525.21% in just under a month. 

Terra Classic total addresses. Source: CoinMarketCap

Notably, the number of LUNA holders dramatically spiked on May 14, long after the Terraform Labs ecosystem collapsed, causing significant losses for investors of both its stablecoin TerraUSD (UST) and native token LUNA.

Terra Classic price decline

In spite of the fact that there are more individuals searching for and holding LUNC, the cryptocurrency’s price continues to record major corrections. By press time, Terra Classic was trading at $0.00007129, a decline of roughly 15% in the past 24 hours. 

The demand in Terra Classic would imply that investors still feel the asset has a glimmer of hope in the crypto market after the Terra ecosystem crashed when its algorithmic stablecoin de-pegged from the dollar.

In addition, a number of other cryptocurrency exchanges continue to offer the Terra Classic token.  For instance, the cryptocurrencies LUNA 2.0 and LUNC may now be traded thanks to the instant crypto exchange tool ChangeNOW. 

LUNA 2.0 price plunges

It is important to note that the recovery of the Terra ecosystem got off to a rocky start as LUNA 2.0 had a significant price adjustment within an hour after its introduction. 

Despite the fact that the market as a whole is going through a significant price correction, LUNC is one of the stand-out situations with very price fluctuations. Analysts are of the opinion that the token’s lack of a clear intrinsic value is one of the factors contributing to its volatility.

Given the strong demand, it is reasonable to conclude that investors looking for Terra Classic are gambling on the possibility that the token may evolve into a meme currency in absence of a use case for the token.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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