Terra Luna Classic Witnesses an Influx of $100 Million Trading Volume, Where is it headed?

Luna Classic

The past 24-hours have been very cruel to the entire Terra Luna Classic (LUNC) community because of the token’s demise.

LUNC Price Dips by 12%

The data shows that the trading price of LUNC has recorded a significant decline in the past 24-hours. The price chart shows that the value of the token has dipped by 12% in the mentioned period.

Following a high plunge, the trading price of LUNC has moved down to $0.00012029. The fall was recorded just as the news was broken revealing the demise of the Silvergate Bank.

With the bank announcing its business liquidation, the investors hasted to withdraw their funds and investments.

The bank’s demise also sent a huge shockwave throughout the cryptocurrency industry. While most of the cryptocurrencies suffered from minor losses, the situation was different for LUNC.

History of LUNC

Terra Luna Classic was not always called by his name. Before May of 2022, the name of the same token was Terra Luna (LUNA), until the centralized body (Terraform Labs) ended up facing an operational crash.

With Terraform Labs facing a problem with the algorithm behind the stablecoin, TerraUSD (UST), the stablecoin started to lose its dollar peg.

Soon, the stablecoin’s value had plunged to the lowest levels ever and the entire Terraform Labs suffered because of it.

LUNA was also caught between all of this and its value also recorded a downtrend. Prior to the UST debacle, the value of LUNA was much higher than $100 but after the decline, things changed completely.

The token plunged below the $1 mark and had to go through a lot to make it back. It is important to mention that it wasn’t the fault of the UST or LUNA that resulted in losses for the investors.

Instead, it was Terraform Labs that is to be blamed for the losses. It did not manage its operations well which led to contagion and the entire market is still paying because of that.

With the downfall of the Silvergate, history seems to be repeating itself and the Terra investors have grown sensitive again.

With fears growing, investors have stopped buying the asset. Therefore, a great decline has been witnessed in the trading price of LUNC.

Recent Performance of LUNC

The data currently shows that the trading price of LUNC has recorded a 28% decline and a 35% decline in the past week and past 30 days respectively.

From the start of the year until now, the value of the token has plunged by 16%.

Due to the recent selling activities, the trading volume for the asset has surged and has reached a high of $100 million in the past 24-hours.

According to the analysis report, the value of the token may continue declining as the bears are in power. As the trading volume keeps on increasing, the price of the asset may decline further.