Terra Classic (LUNC) has secured the top spot among assets with the highest social activity, following Binance’s latest burn.
Interest in Terra Classic (LUNC) has picked up, as evidenced in its recently-surging social activity, following reports of Binance’s burn for November. This increased social activity has skyrocketed the asset’s position in Lunar Crush’s AltRank, securing the top spot amongst 4,022 assets evaluated in the week leading to December 2.
Crypto social intelligence platform Lunar Crush disclosed the achievement in the early hours of Saturday, as it sought to highlight the rejuvenation of social activities within the LUNC camp.
“…Terra Classic has hit an AltRank™ of 1 out of the top 4,023 coins across the market,” Lunar Crush revealed, sharing a dashboard detailing Terra Classic’s social metrics and trade volume.
The #terraclassic community is at it again today🚀. Let's take a look at today's social activity 🔥.
Terra Classic has hit an AltRank™ of 1 out of the top 4,023 coins across the market.
Social contributors +21.9%
Social engagements +71.3%
— LunarCrush (@LunarCrush) December 3, 2022
Information from the dashboard indicates that Terra Classic currently secures the first position out of the 4,022 coins recently assessed with the AltRank evaluation tool. The asset now has an average position of 93rd out of the 4,022 coins. Additionally, social contributors surged by 21.9% in the past week, with social engagements increasing by a staggering 71.3%.
Based on price changes, LUNC’s recent relief rally made it the 273rd asset with the biggest gains out of the 4,022 cryptocurrencies across the market. Furthermore, the asset’s recent trading volume surge positioned it as 18th out of 4,022 coins in terms of volume. It sits 20th amongst the 4,022 coins evaluated in terms of social volume and social score.
Binance’s Contribution to The Recent Metrics
This increase in social engagements and trading volume is largely due to reports of Binance’s recent LUNC burn for November. Recall that Binance incinerated up to 6.3B LUNC tokens for its November batch on December 1, bringing its total burn to 20.1B tokens.
Barely 24 hours after reports of the burn surfaced, LUNC surged by over 16% before facing a slight rejection. The asset’s trade volume equally increased by up to 57%, as previously reported by The Crypto Basic. Consequently, Terra Classic finally reclaimed the $1B market capitalization after ten days of staying below the mark. These were signs of renewed interest from investors.
Despite meeting a hurdle in its recent rally, LUNC remains one of the highest-gaining assets in the space of 7 days, towering over coins such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP (XRP), and a host of others. With a one-week gain of 10.14%, LUNC is changing hands at $0.0001786, with a market cap of $1.07B as of press time.