Testnet Upgrade Fuels Bullish Momentum
Terra Luna Classic (LUNC) started a bullish momentum four days after its testnet upgrade. The asset’s Twitter community believes that the current price point might be the bottom for LUNC.
Co-Founder’s Legal Troubles Don’t Deter LUNC Developers
Despite the charges that the co-founder of Terraform Labs, Do Kwon, could face in South Korea or the US, the LUNC developers upgraded the testnet version to 2.0.0, according to a report by FX Street.
LUNC Becomes Top-Third Gainer in Past 24 Hours
Moreover, LUNC’s price has also started a bullish momentum after its testnet upgrade, becoming the top-third gainer in the past 24 hours. The fallen crypto asset is up by 12% over the past day and is trading at $0.000092 at the time of writing.
LUNC Market Cap and Trading Volume
LUNC’s market cap is now at $540 million, with a 24-hour trading volume of over $85 million.
Terraform Labs Transfers CVX Tokens Worth Millions
Furthermore, on May 9, Terraform Labs was caught transferring Convex Finance (CVX) tokens worth millions. According to Etherscan data, the company’s Ethereum address transferred 1.83 million CVX coins — worth roughly $8.6 million at the time of the transfer to an unknown address.
Twitter Community Remains Bullish Despite 18% Loss
While LUNC registered a significant 18% loss two days after its testnet upgrade, the asset’s Twitter community stayed bullish. A LUNC holder with the Twitter handle Mike P. believes it might be the bottom line for the asset’s price as he noticed a spike in LUNC’s trading activity on the largest crypto exchange, Binance.
Mixed Opinions on LUNC’s Future Price Movement
To Mike’s reply, some said that it’s the “bottom” for LUNC while a user with the Twitter handle Trader809 believes the asset’s price would continue its “zigzag” movement for now.
Conclusion: LUNC Holders Keep Faith in Bullish Momentum
In conclusion, Terra Luna Classic (LUNC) is experiencing a bullish momentum following its testnet upgrade, with holders believing the current price point might be the asset’s bottom. Despite challenges such as the co-founder’s legal troubles and recent losses, the LUNC community remains optimistic about its future price movement. As trading activity increases and the asset garners attention, it will be essential to monitor the market to see if LUNC can sustain this upward trajectory and fulfill the expectations of its holders.