- Terra Classic outperformed all other altcoins with an increase in social engagements and mentions
- Despite a massive increase in active consumption, LUNC’s momentum has approached the downtrend
Classic Earth [LUNC] topped the altcoin market on December 3 when it comes to its social activity. According to LunarCrush, the social intelligence tracking platform, LUNC had its community always ready to thank for this milestone.
Lily Terra Classic’s [LUNC] Price prediction 2023-2024
The breakdown of details showed that social contribution accounted for 12.19% while commitments accounted for 71.3%. This surge indicated that there was a revival of activity on social platforms from the LUNC tent.
The #terraclassic the community is back today🚀. Let’s take a look at today’s social activity 🔥.
Terra Classic has achieved an AltRank™ of 1 out of the top 4,023 coins on the market.
Social contributors +21.9%
Social commitments +71.3%
Previews: https://t.co/igt3vnyzpC pic.twitter.com/zpkdNVyp4G
— LunarCrush (@LunarCrush) December 3, 2022
Take all the chips, burn them
The token reaching such heights could be related to the recent landmark hit with LUNC burn activity. As of December 1, the LUNC burn has reached a unprecedented 6,389,633,879 — an increase of 972,516%.
According to some sections of the LUNC community, Binance, which backed the burning system, may have contributed to the spike. However, the momentum appeared to have diminished as LunaBurnTracker revealed there had been a 100% decrease to 3,167,134 LUNC in the last 24 hours.
—LunaBurnTracker (@LunaBurnTracker) December 3, 2022
As for its price, LUNC did not react positively to the update. At press time, LUNC traded hands at $0.000179. This is a decrease of 2.20% compared to the value of December 2. On the contrary, its performance over the past seven days has increased by 10.67%, according to CoinMarketCap. Moreover, the rise helped the token recover a market capitalization of $1 billion.
As of this writing, LUNC’s market capitalization is $1.07 billion. However, it was not the same as the volume. According to data from Santiment, its volume had decreases 44.86% in the last 24 hours. Given the decrease, this meant that LUNC investors had refrained from further participating in transactions on the network.
By price action, LUNC had relatively good momentum. At the time of this writing, the Relative Strength Index (RSI) was at 49.34. This meant neutral ground, as LUNC was neither oversold nor overbought.
For the Moving Average Convergence Divergence (MACD), it was a heated competition between buyers and sellers. Based on the revelations from the daily chart, the strength of the buyers and sellers were below the zero point histogram. This indicated bearish momentum. However, the MACD being at 0.00000492 on the positive axis meant that the buyers had some potential to regain control.
In the case of its development, Santiment revealed that LUNC towed down. According to the on-chain news platform, LUNC’s development activity fell to 49.34.
In the meantime, that meant Terra developers weren’t actively making any notable upgrades to the network. For whales, now was not the time to add to their stock as supply dwindled to 41,328.