Terra Classic (LUNC) is leveraging the ongoing market-wide momentum to register massive gains.
The upward trajectory for LUNC began on Nov. 26, marked by a significant 28.50% intraday gain. Notably, this price uptick set Terra Classic apart, as Bitcoin (BTC) and the broader crypto market observed a marginal price drop on the same day.
The intraday surge witnessed on Nov. 26 played a crucial role in initiating the ongoing uptrend. LUNC closed the day at $0.00010. As a result, the asset registered a rare intraday closure above the 21-day EMA, which stood at $0.00007635 at the time.
This bullish close served as a pivotal indicator, signaling an imminent price surge for the asset. Terra Classic has exhibited a remarkable 169% increase since Nov. 26, achieving seven winning sessions out of eight.
Reports from crypto.news attribute the initial surge to a combination of protocol fundamentals and heightened social activity. Notably, Terraform Labs injected $15 million in liquidity into the Terra ecosystem last month. This acted as a catalyst, fostering increased social activity and a surge in buying momentum.
According to data provided by the market intelligence platform Santiment, Terra Classic’s social volume witnessed a 77% rally over the past 24 hours. Per Santiment, the majority of the activity came from X and Telegram.
LUNC emerges as top gainer
Despite already experiencing a unique price surge due to heightened buying pressure, Terra Classic’s momentum was further bolstered by the recent market-wide surge. On Dec. 3, it reached a yearly peak of $0.0002040, concluding the day with a 33% gain, despite encountering resistance.
It is noteworthy that BTC also achieved a new yearly peak of $40,250 on the same day. The substantial price increase of the leading cryptocurrency sparked optimism among traders, leading to increased capital inflow into altcoins like Terra Classic.
LUNC has extended this rally, registering a 36% increase today. This has triggered the 73% surge over the past 24 hours, solidifying LUNC’s position as the top gainer among the top 100 assets. Additionally, LUNC has experienced a substantial 266% rise in volume, reaching $1.18 billion.
Notably, its sister token, Terra (LUNA), has also capitalized on this rally, securing a 40.1% increase within the same timeframe and emerging as the second-biggest gainer. Terra Classic currently trades for $0.000269 while Terra changes hands at $1.15.
