After the collapse and resurgence of Terra (LUNA) like LUNA 2.0, the market wondered what the fate of LUNC would be. But the old platform chain, now called Terra Classic (LUNC), despite being “dead” is still alive.
Even though it has been abandoned, the digital currency is attracting interest from cryptocurrency investors. This interest in LUNA Classic is even highlighted in CoinMarketCap data.
According to data from the aggregator focused on digital assets, the token is the most searched on the platform among all cryptocurrencies.
However, despite more people looking to LUNC, the cryptocurrency continues to see price corrections. At the time of writing, it was trading at $0.000094. This is, therefore, a drop of more than 30% in the last 7 days.
Either way, interest in LUNC may indicate that investors still believe the asset has a chance of life.
Terra Classic is still alive
Furthermore, LUNA Classic is still receiving support from various cryptocurrency exchanges. Among the companies, there are major exchanges such as Binance, which enabled the BUSD/LUNC pair. Meanwhile, ExchangeNOW has created a system to exchange LUNA 2.0 for LUNC.
However, things didn’t go well for LUNA 2.0 either, which suffered a major price correction on its release.
Although the general market is experiencing high price correction, LUNC is among the high-profile cases. Analysts believe that the token’s lack of a defined fundamental value is fueling volatility.
They note that investors looking to LUNC expect it to turn into a memecoin. This is because, as the cryptocurrency was “abandoned”, by becoming a memecoin it attracts investors.
This interest in LUNC even motivated the South Korean Financial Services Commission to issue a warning. The alert asks South Koreans not to invest in either LUNA or LUNC.
However, this is not what has been happening, as both assets are in CoinMarketCap’s “trendings”.