According to CoinMarketCap, the number of holders of the Terra Classic token, LUNC, has been steadily increasing for several months now, since the beginning of fall. Their number has risen to 12,071, which is 316 addresses, or 2.7% more than in September.
At the same time, major Terra Classic token holders have increased their positions since the beginning of December. Over the past days of the first month of winter, the position size of the top 100 LUNC holders has increased by 1.91%. The same Terra Classic top 10 whales have increased their position size by 1.87%.
By correlating the change in the balance sheet of major LUNC holders and the price chart of the token, it can be seen that there is some sort of pattern whereby a rise in whales’ bags heralds a strong price action for the token. At the same time, this calculation cannot be accurate due to the large number of “wrapped” LUNCs in circulation.
Terra Classic (LUNC) price action
LUNC is currently trading at $0.000142, moving in a downward trend since September after being pumped up 500% in the weeks since late summer.
Looking at the chart, you can see that the price of the Terra Classic token has come to an important support level, having lost the last missing 14% as a result of the recent market sell-off.