Terra Classic Receives Over $530 Million In Four Days.

Contrary to overall crypto market attitudes, Terra Classic (LUNC), the original chain of the defunct Terra (LUNA) ecosystem, continues to gain traction among investors, generating considerable capital inflows.

Following the crash, it was widely expected that LUNC would return to zero, yet the token looks to be gaining community support.

The $534 million that has flowed into the network’s market capitalisation in the last four days demonstrates the network’s backing. According to Coincu data, Terra Classic’s market value was $388 million on June 26 and had risen to $922 million by June 29, a 137% increase.

LUNC’s price increased by more than 120% during the same time period, and it was trading at $0.00013 at press time.

Terra’s crash occurred after its algorithmic stablecoin de-pegged from the dollar, and the old chain has received support from many crypto companies. For example, the Terra Classic coin is still available on various cryptocurrency exchanges.

Terra Classic holders increased by more than 500% in a month, according to reports. On May 9, there were 1,642 holders, which increased to 10,266 on June 5, a 525.21% gain.

Amid the concerns surrounding the entire Terra ecosystem, investors will be looking to see if the new surge in value and money will last or if it is just a passing fad.

However, the network has shown indications of resurgence, with some in the crypto market believing that LUNC may follow in the footsteps of meme cryptocurrencies and surge in value in a short period of time.

Notably, the rise appears to be driven primarily by retail investors, and there is a chance that with the appropriate fundamentals, LUNC might enter a bullish trend. Nonetheless, South Korean officials have expressed alarm about investors betting on Terra’s recovery.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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