The number of wallets holding old LUNA (LUNC) skyrocketed despite the ‘catastrophe’ Terra

Old LUNA token renamed to LUNC

After the collapse of the ecosystem Terra old, considered more serious than Bitconnect in 2018, Do Kwon, CEO of Terraform Labs, has proposed a new plan to revive the project. Strictly speaking, this is a complete “rebuild” plan, in which the Terra 2.0 ecosystem, scheduled “on-chain” on May 28, has only the appearance of the LUNA token (commonly known as the LUNA token. LUNA 2.0 so as not to be misunderstood).

Also as planned, token old was renamed Luna Classic (token code: LUNC) and stablecoins UST was renamed to TerraUSD Classic (tokens: USTC). These two tokens still exist and can be traded on exchanges without affecting the new ecosystem.

On May 25, the voting results on Terra Station approved the above plan and Terra 2.0 was officially “on-chain”. Not long after that, the new LUNA token was first “listed” by Bybit and other exchanges followed shortly after. Through May 31, the two exchanges Binance and FTX opened trading pairs with LUNA.

But LUNC is still “hold to die”

Although most of the capitalization has been withdrawn since the launch of Terra 2.0, many “wallet owners” still hold and trade LUNC coins. Not only that, compared to the time before the “catastrophe” of Terra, the number of wallets has increased by about 6.5 times.

According to data from CoinMarketCap, the number of wallets holding LUNC has increased about 6.5 times within the past one month Screen capture

In addition, through monitoring on Binance exchange data, the LUNC/BUSD trading pair, the 24-hour trading volume was still at a great level in the first days of June.

LUNC still has quite a large daily trading volume Screen capture

Similarly, the USTC coin still has more than 42,000 wallet holders (as of 8/6), with the trading volume of the USTC/BUSD pair on the Binance exchange still quite large.

According to CoinMarketCap data, as of June 8, there are still more than 42,000 wallets holding USTC Screen capture

While there are still quite a few wallets holding LUNC and USTC, the new LUNA token seems to be making no progress. Since being “listed” on the exchange, LUNA has continuously encountered extremely strong “price storms”, causing this token to “go up and down the field” many times.

Recorded on the afternoon of 8.6, the price of LUNA 2.0 once dropped to $3.3 and is currently trading in the range of $3.4-3.5.