Terra Classic or LUNC investors have talked about the demise of the LUNA token. To this end, cryptocurrency investors are attempting to lift the original LUNA blockchain out of the ground.
The investors who are still holding LUNC have no choice but to try to lift it back to health despite the diminished utility of the token.
At present, the entire cryptocurrency market is facing a bearish sentiment where it can be challenging to revive a dead coin. However, it seems that with some effort, LUNC has managed to print some green candles.
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The total market cap of LUNA is currently set at $865.68 million after a reported inflow of $73. 49 million happened recently.
The short-term appreciation for LUNC is noted to be around 3% in the last 24 hours. The weekly data indicates that the token has rallied by 8% during the last 7 days. The current appreciations are a direct result of short-term buying pressure.
The main cause for the appreciation of LUNC is still not clear. However, some experts estimate that the LUNC investors have been involved in shorting in the past.
To make the short squeeze work, investors use platforms like social media sites. The community members and influencers can recalibrate the prices of the token using speculative campaigns. There are some other cryptocurrencies, such as Dogecoin and Shiba Inu, that also have a strong presence on Social media platforms.
Terra Classic’s Upgrade has Added Some New Changes to the Blockchain
Recently, Terra launched the V22 upgrade. This upgrade is seen as a major driving factor behind the regained strength of the Terra network. The upgrade has added features like governance, staking, and burning protocols to the blockchain.
At the same time, a V23 upgrade is also in talks which would re-open inter-blockchain messaging between Cosmos and Terra Classic.
The technical analysis projections on TradingView for Terra remain predominantly bearish. However, the LUNC community is hoping to take the prices back to $0.00025 at the end of the year. Furthermore, the community is also keeping an eye out for all the latest developments in the Do Kwon investigation.
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