Luna Classic starts to rise as holders believe it might be bottom

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.

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.

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’s market cap is now at $540 million, with a 24-hour trading volume of over $85 million. 

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.

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.

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.