Terra Classic loses bear market charm as over $100 million outflows from LUNC in a week
Terra Classic (LUNC), the original chain of the collapsed Terra (LUNA) ecosystem, has lost its momentum in the last week that saw the asset rally despite the general crypto market trading in the red zone. After rallying from around August, LUNC is witnessing a sustained capital outflow as investors focus on whether the token will rally again.
The selling pressure in LUNC has partly impacted the token’s value in establishing a bearish momentum during the seven days. By press time, the token was valued at $0.00023, dropping over 11% in a week. LUNC has taken a significant nosedive after weeks of sustained growth powered by several initiatives like community short squeezes. It can be argued that the effects of the general market are now catching up.