The post Capital Outflows Surge Massively! Is This The End Of Terra Classic (LUNC)? appeared first on Coinpedia Fintech News
Last week, while the crypto market succumbed to bearish momentum, Terra Classic (LUNC), which was created after Terra network’s original chain Terra (LUNA) collapsed along with its stablecoin UST in May 2022, was enjoying a bullish trend.
However, LUNC’s bull run, which started in August, has now lost momentum as the network is witnessing capital outflow due to investors doubting the currency’s stability.
As of October 25, LUNC’s capitalization is positioned at $1.53 billion after it plunged from October 18’s $1.63 billion. However, today, October 26, the market capitalization has surged by 3.78% over the last 24 hrs and is now positioned at 1.59 billion.
The Future Of Terra Classic
While insanely hyped a few weeks ago, it’s clear that the interest in Terra Classic (LUNC) has dropped significantly due to a community short squeeze. LUNC investors withdrew their profits; thus, the currency has lost demand.
On the other hand, the ongoing investigation on Do Kwon by the South Korean authorities has affected the currency’s price action too. A red notice has been issued against the Terra Labs founder by Interpol- which is globally applicable- as the country’s authority has accused him of being on the run since Terra collapsed in May and refusing to cooperate in the ongoing investigations.
Interestingly, after Terra Classic was created, there were many speculations that the currency would not withstand for long and would collapse like Terra (LUNA). However, LUNC continues to perform well and has amassed a large group of supporters.
At the time of publication, Terra Classic (LUNC) is trading at $0.000244 after an upswing of 6.35% over the last 24hrs and a loss of 1.38% over the last seven days.
In conclusion, although the LUNC price has witnessed immense bullish momentum and continues to do so, its future remains bleak.