- When comparing the number of social engagements and mentions for each altcoin, Terra Classic easily came out on top.
- The trend for LUNC is becoming more bearish despite a sharp increase in burn activity.
As of December 3rd, in terms of social activity, Terra Classic $LUNC was the most popular altcoin. LunarCrush, a social intelligence tracking platform, attributes the achievement to LUNC’s dedicated user base.
Contributions to society made up 12.19 percent of the total, while participation in activities accounted for 71.3 percent. This uptick in activity reflected a return to normalcy at the LUNC booth on various social media sites.
The #terraclassic community is at it again today🚀. Let's take a look at today's social activity 🔥.
— LunarCrush (@LunarCrush) December 3, 2022
Terra Classic has hit an AltRank™ of 1 out of the top 4,023 coins across the market.
Social contributors +21.9%
Social engagements +71.3%
Insights: https://t.co/igt3vnyzpC pic.twitter.com/zpkdNVyp4G
Read Terra Classic’s [LUNC] Price Prediction 2023-2024 (Short-Term)
Collect all the Terra Classic $LUNC token and burn them
The recent milestone reached by the token may be related to the LUNC burn activity. Since December 1st, LUNC consumption has skyrocketed to an all-time high of 6,389,633,879, an increase of 972,516%.
Some in the LUNC community blame Binance, which supported the burn system, for the price increase. However, LunaBurnTracker showed that in the previous day there was a 100% drop to 3,167,134 LUNC, suggesting that momentum had slowed.
🔥 Daily Burn Stats for Fri Dec 02 2022! 3,167,134 #LUNC ($569) burned! 📉 -100% decrease. 33 burns @ 2 BPH. 1 LUNC = $0.00017959 #LunaBurn
— LunaBurnTracker (@LunaBurnTracker) December 3, 2022
LUNC’s share price did not rise in response to the news. As of this writing, one LUNC was worth $0.000179. From the value on December 2nd, this is a decrease of 2.20%. Instead, it has seen a gain of 10.67% over the past week, as recorded by CoinMarketCap. The surge in value also returned a $1 billion market cap to the token.
The current valuation of LUNC is $1.07 billion. However, the volume wasn’t replicated. Data from Santiment showed that its volume dropped by 44.86% over the course of 24 hours. Given the decline, it’s safe to assume that fewer LUNC investors were actively involved in network transactions.
LUNC appeared to have decent momentum as evidenced by the market price. The current reading of the Relative Strength Index (RSI) is 49.34. LUNC was neither oversold nor overbought, so this was a sign of stability.
For the MACD indicator, the battle between buyers and sellers was intense. Both buyer and seller confidence were below the zero line on the daily chart. This pointed to a downward trend. With the MACD at 0.00000492 on the positive axis, however, buyers still held a small advantage.
Enhancements down
In terms of its evolution, Santiment showed that LUNC skewed negative. The on-chain data platform shows that development activity for LUNC has dropped to 49.34.
Because of this, Terra’s network hasn’t gotten any major updates in the meantime from the developers. At 41,328, this was not the time to add to a whale’s stockpile.
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