- Lunar Classic [LUNC] was the most socially active altcoin on the market on December 3.
- As of December 1, LUNC burn reached an all-time high of 6,389,633,879, which is a 972,516% rise.
- The Relative Strength Index (RSI) was at 49.34 at the time this was written, which shows that the price is neither too high nor too low.
Terra Classic LUNC was the most socially active altcoin on the market on December 3. LunarCrush, a platform for tracking social intelligence, says that LUNC community, which is always ready to help, is to thank for the milestone.
The breakdown of the details showed that social contribution made up 12.19%, while engagements made up 71.3%. This rise in activity showed that the LUNC tent was once again a hub of activity on social media.
The #terraclassic community is at it again today🚀. Let's take a look at today's social activity 🔥.
Terra Classic has hit an AltRank™ of 1 out of the top 4,023 coins across the market.
Social contributors +21.9%
Social engagements +71.3%
— LunarCrush (@LunarCrush) December 3, 2022
Take all the tokens, burn them
The fact that the token is going so high might have something to do with the recent milestone that was reached with LUNC’s burn activity. As of December 1, LUNC burn reached an all-time high of 6,389,633,879, which is a 972,516% rise.
Some people in the LUNC community think that Binance, which backed the burn system, could have had something to do with the spike. But the momentum seemed to have died down, as LunaBurnTracker showed that the number of LUNC had dropped by 100% in the last 24 hours, to 3,167,134.
— LunaBurnTracker (@LunaBurnTracker) December 3, 2022
The update did not have a good effect on LUNC’s price. At the time of press, one LUNC was worth $0.000179. This was a drop of 2.20% from what it was on December 2. On the contrary, CoinMarketCap says that its value has gone up by 10.67% in the last week. The increase also helped the token reach a market cap of $1 billion.
At the time this was written, the market cap of LUNC was $1.07 billion. It wasn’t the same as the volume, though. Data from Santiment showed that in the last 24 hours, its volume had dropped by 44.86%. Taking into account the drop, it meant that LUNC investors didn’t participate in more transactions on the network.
Price action showed that LUNC had pretty good momentum. The Relative Strength Index (RSI) was at 49.34 at the time this was written. This meant that the price of LUNC was neither too high nor too low.
The Moving Average Convergence Divergence (MACD) showed that buyers and sellers were in a very close race. Buyer and seller strength was below the zero-point histogram, as shown by the daily chart. This showed that the price was going down. But because the MACD was at 0.00000492 on the positive axis, buyers still had a chance to get back in charge. said a blog post.
In terms of how it grew, Santiment showed that LUNC pulled toward the bottom. LUNC’s development activity was at 49.34, according to the on-chain information platform.
In the meantime, this meant that Terra’s developers weren’t making any changes to the network that were very important. This was not a good time for whales to add to their stockpiles, as the amount they already had dropped to 41,328.