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

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.