Terra Classic (LUNC) News : LUNC Makes a Significant Move, Was This Move Bolstered by Whale Activity?

The LUNA and UST collapses have made it difficult to picture Terra returning, but Terra Classic (LUNC) is hoping to achieve exactly that. There is a lot of interest in LUNC based on the price action, and whales may be interested in getting in on the action.

Last week of June saw LUNC’s first large surge in price, with the stock rising by more than 180 percent. Those gains have been largely erased, but the bulls have staged a strong recovery in the final 24 hours of July 15. Prices rose by more than 20% in just a few short hours.

The Money Flow indicator has seen inflows in the last 24 hours, causing LUNC’s recent surge. Further confirmation of solid bullish momentum was provided by an increase in the Relative Strength Index (RSI).

After it was found that one address purchased 8.5 billion LUNC and subsequently transferred it to an address with more than 2.6 trillion LUNC, this upside occurred.

https://twitter.com/LUNC__/status/1547839165353537537?s=20&t=6hSsDJw4kHo60ZCy_DpKUQ

 

Is This the Beginning of a New Bull Market?

When asked if the receiving address belonged to Binance, CEO CZ stated that a burn was required, but the matter remains unresolved. If LUNC’s supply is reduced drastically by a token burn, this could indicate brighter times ahead for the token.

LUNC, on the other hand, has some positives going for it. Outflows from the whale-held supply, for example, peaked on June 12 at 43.57 percent and grew to 43.78 percent by the time of publication.

After three days of bullish pressure, this shows that whales have been buying LUNC. During the final 24 hours on the 15th of July, the volume really increased significantly.

A dedicated team of Terra Classic programmers has been working long and hard on restoring the network to its former splendour. As of the 7th of July, there has been a significant increase in the development activity metric (DAM).

This is good news for both the network and the price of LUNC. It’s because investors are more likely to buy when the underlying asset is significantly discounted and showing signs of robust development.

Fortunately, Terra Classic is well on its way to regaining its former glory. It still has a long way to go, but planned burns will help it along the road.