Are Whales Behind Terra Classic’s (LUNC) Latest Massive Move?

It might be thought-provoking to imagine Terra launching a comeback following the UST and LUNA debacle, but LUNC aims for that. Terra Classic (LUNC) confirmed a substantial enthusiasm for the project with its recent price action, and whales may be looking to participate in the price movements.

LUNC saw its first massive price jump in June’s final week when the alternative token surged over 180%. However, declines emerged as the alt lost over 50% of the acquired gains, though bulls ensured an enormous comeback during July 15’s 24 hours. That saw the alternative token surging over 20% within a few hours.

LUNC’s upside movements within the past 24 hours emerged after the MFI (Money Flow Index) recorded outflows. Meanwhile, the Relative Strength Index (RSI) pushed beyond the 50% mark, affirming an impressive bullish momentum. Moreover, the rally came shortly after reports that one address bought around 8.5B LUNC tokens and sent the assets to a wallet with more than 2.6 trillion Terra Classic tokens.

Next Bull Cycle?

Though analysts were yet to confirm whether Binance owned the receiving address, the exchange’s executive CZ confirmed (a few days ago) that a burn is essential. Such a move might indicate lucrative days ahead for Terra Classic if token burn translated to significant supply reductions.

Meanwhile, LUNC has other ongoing thins. For instance, outflows from whale supply bottomed on June 12 at 43.57% before increasing to 43.78% during this publication. That shows whales have purchased LUNC within the last three days, propelling a bullish momentum. Furthermore, the volume witnessed a substantial uptick within the previous day.

Terra Classic developers remained active for the platform to attain its lost glory. For instance, the development activity index recorded a massive surge since July 7. That’s a lucrative signal for the network and LUNC’s price trends.

Remember, healthy platform development attracts market players to purchase more, especially when the underlying assets hover at massive discounts. Terra Classic remains dedicated to rebuilding its prestige. Nevertheless, the journey could be long by scheduled burns will likely support the asset’s recovery.

What are your thoughts about the Terra Classic revival? You can comment below.