TerraClassic (LUNC), the original Blockchain of the collapsed Terra (LUNA) ecosystem, continues to attract interest among investors. Meanwhile, contrary to the general altcoin market sentiment, it is attracting significant capital inflows.
$530 million flowed into Terra Classic in four days
After the crash, most investors and experts expected LUNC to return to zero. But he regains the support of his community. Support emerges with $534 million pouring into the network’s market cap over the past four days. As of June 26, Terra Classic has a market cap of $388 million. According to CoinMarketCap data, it grew 137% to $922 million by June 29.
During the same period, the price of LUNC is up over 120%, trading at $0.0001169 at the time of writing.
Terra’s collapse occurred after the algorithmic stablecoin lost its dollar peg. Meanwhile, the original Blockchain has exhausted different cryptocurrencies as reserves.
Also, Terra Classic investors increased by over 500% in one month. On May 9, 1,642 investors increased by 525.21% to 10,266 on June 5th. Amid the controversy over the entire Terra ecosystem, investors seem eager to check to see if the latest surge in value and capital continues or if it’s just a short-lived fad.
Terra crash turns eyes on next altcoin projects, meme coins in focus
However, the network has signaled a turnaround as some of the crypto market think LUNC could change the course of the meme coin market and gain in value in a short period of time.
In particular, the rally is driven mainly by individual investors. Also, with the right fundamentals, there is a possibility for LUNC to enter bullish momentum. However, South Korean officials are concerned about investors betting on Terra’s return.
Hacking groups stepped in to expose Do Kwon
The spike comes after the hacker activist group ‘Anonymous’ announced it would investigate Do Kwon. Anonymous, known for exposing corruption, said it plans to investigate the Terra founder after more allegations surfaced claiming the accident was intentional.
Recent research states that Terra Labs has close to $3.6 billion in USDT and UST. It also indicates that it may have been used for price manipulation or money laundering on central and DeFi exchanges.
The video, allegedly released by Anonymous, revisits the list of crimes Kwon has allegedly committed. Kwon allegedly withdrew $80 million each month from LUNA and UST before the collapse. However, it played a role in the collapse of stablecoin Basis Cash in late 2020. As we quoted as Kriptokoin.com, the accusations of Anonymous against Do Kwon were as follows:
Do Kwon, if you’re listening, unfortunately there’s nothing that can be done to undo the damage you’ve done. All we can do at this point is hold you accountable and bring you to justice as quickly as possible.
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