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Terra Classic Holders Increase 500% As Investors Bet On LUNC Recovery

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VOC, Voice of Crypto, Terra, LUNA

After the disastrous crashing of TERRA (LUNA) and its relaunch called LUNA 2.0, the original chain, which is currently operating under the name Terra Classic (LUNC), has been attracting a lot of attention from crypto traders.

CoinMarketCap statistics indicate that Terra Classic is trending higher than all other cryptocurrencies on the site as of June 7. The second most searched for cryptocurrency was LUNC as of June 7.

The number of people interested in investing their money into LUNC has increased dramatically over the past few months. In May, there were 1,642 addresses holding LUNC compared to 10,266 holders on June 5th. This is a massive 525.21% in just under a month. 

Terra Classic total addresses

Terra Classic total addresses | Source: CoinMarketCap 

The number of LUNA holders dramatically skyrocketed on May 14, long after the collapse, suggesting that many people are trying to profit from this opportunity.

Terra Classic Price Decline

Despite the growing interest in the coin, the price of LUNC has continued its downward trend, falling 13.64% in the last day. By press time it was trading at $0.00007194 – still a far cry from where we were just six months ago when this coin was worth over ten times as much!

Terra Classic price decline

Terra Classic price decline Source: Coinmarketcap  

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

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

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LUNA 2.0 Price Plunges

It is important for investors to note that the recovery of LUNA’s ecosystem got off to a rocky start as there was a huge price adjustment within an hour after its introduction.

It’s hard to say what the future holds for this market, but one thing is clear – LUNC has seen some very impressive price fluctuations. Despite the whole crypto market going through a difficult time, LUNC is one of the few markets that has not seen major price fluctuations.

Analysts have noted that the token’s lack of an intrinsic value is one factor contributing to its volatility. With the demand for terra classics so high, it is obvious that investors are gambling on its potential to become a meme currency like DOGE.

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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