- Terra Classic topped all other altcoins with an increase in social engagements and mentions
- Despite a massive increase in active burning, LUNC’s momentum edged closer to bearishness
Terra Classic [LUNC] topped the altcoin market on December 3 in terms of social activity. According to LunarCrush, the social intelligence tracking platform, LUNC had its ever-ready community to thank for the milestone.
Read Terra Classic’s [LUNC] Price prediction 2023-2024
The breakdown of the details showed that social contribution made up 12.19% while engagements made up 71.3%. This increase indicated that there was a reawakening of activities across social platforms from the LUNC tent.
The #terraclassic society is up and running again today🚀. Let’s take a look at today’s social activity 🔥.
Terra Classic has hit an AltRank™ of 1 out of the 4023 best coins on the market.
Social contributors +21.9%
Social engagement +71.3%
Insight: https://t.co/igt3vnyzpC pic.twitter.com/zpkdNVyp4G
— LunarCrush (@LunarCrush) 3 December 2022
Take all tokens, burn it up
The token hitting such highs could be tied to the recent landmark hit with LUNC’s combustion activity. As of December 1st, LUNC burn hit one outstanding 6,389,633,879 – an increase of 972,516%.
According to some parts of the LUNC community, Binance, which supported the burning system, could have contributed to the peak. However, the momentum appeared to have waned, as LunaBurnTracker revealed that there had been a 100% drop to 3,167,134 LUNC in the last 24 hours.
— LunaBurnTracker (@LunaBurnTracker) 3 December 2022
As for the price, LUNC did not respond positively to the update. At press time, LUNC was changing hands at $0.000179. This was a decrease of 2.20% from the value on December 2. On the contrary, the performance in the last seven days has increased by 10.67%, according to CoinMarketCap. In addition, the rise enabled the token to fetch a market cap of $1 billion.
At the time of writing, LUNC’s market cap was $1.07 billion. However, it was not the same as the volume. According to Santiment data, the volume had it declined 44.86% in the last 24 hours. The decline taken into account meant that LUNC investors had refrained from increased participation in transactions on the network.
Per price action, LUNC had relatively good momentum. At the time of writing, the Relative Strength Index (RSI) was at 49.34. This meant a neutral ground, as LUNC was neither oversold nor overbought.
For Moving Average Convergence Divergence (MACD), there was a fierce competition between buyers and sellers. Based on the daily chart disclosures, the buying and selling strength was below the zero point histogram. This indicated bearish momentum. However, the MACD at 0.00000492 on the positive axis meant that buyers had some potential to regain control.
As for the development, Santiment revealed that LUNC dragged towards the downside. According to the information platform on the chain, LUNC’s development activity was down to 49.34.
Meanwhile, that meant the Terra developers weren’t actively making notable upgrades to the network. For whales, this was no time to increase the stock, as the supply was reduced to 41,328.