The number of wallet addresses holding the Terra Classic token (LUNC) has been rising in a steady manner. The data shows that the increase has been recorded in the past few months.

The data has been provided by CoinMarketCap, a major crypto tracking platform. The data from CoinMarketCap shows that the number of LUNC wallet addresses holding LUNC has been rising since the spring.

LUNC Situation is Getting Better Unexpectedly

The Terra Network suffered a major crash at the beginning of May and even now, its impact has been felt across the board.

LUNC, which was previously LUNA, failed to recover from the downtrend for a long time. However, the asset has recorded a steady resurgence since the beginning of September.

The value of LUNC has continued surging since the beginning of September. It was worth mentioning that it is not the same wallet address accumulating the LUNC tokens.

Instead, new addresses are being recorded that are adding LUNC to their portfolios. Steady growth has been recorded in the number of LUNC wallet addresses from the start of September.

As the spring season began, the total number of wallets holding LUNC was 11,755. At the time of writing, the total number of wallet addresses holding LUNC is 12,071.

This means that in a matter of three months, the wallet addresses holding LUNC have surged by 2.7%. However, it does not mean that the existing LUNC holders have not increased their accumulations.

The existing LUNC holders have also increased their LUNC holdings during the same period. They have started to accumulate LUNC with more power right from the beginning of December.

They have been increasing their positions in LUNC and the top 100 LUNC holders have demonstrated even stronger sentiments.

From the beginning of December, the holdings of the top 100 LUNC holders have surged by 1.91%. When it comes to the LUNC whales, the top 10 whales have increased their holdings by 1.87%.

Whales May Be Getting Ready for a Major Pump

LUNC had been troubled ever since the Terra Network crash in May 2022. However, the bulls have started taking control of the token since September.

The major driver behind the surge in the trading price of LUNC can be Binance. It launched a program at the beginning of September that was to strengthen the trading price of LUNC.

The crypto exchange has been dedicating a portion of the processing fees from the LUNC trades to buying more LUNC and sending them to the LUNC burning address.

By doing this, the exchange has been able to bring a huge change in the trading price of LUNC since the beginning of September. So far, the Binance exchange has successfully burned over 2.5 billion LUNC tokens.

The 2.5 billion figure accounts for 0.04% of the total supply of LUNC tokens.

Despite being a fraction of the total supply, Binance has managed to make a huge difference in the trading price of LUNC over the past months.

It seems that the strategy Binance adopted is working in favor of LUNC and the whales have taken notice of that. They are confident that the exchange’s tactic would continue increasing the price of LUNC.

Therefore, they have decided to support the trend from their end. They are now accumulating LUNC, which is also increasing its demand in the market, ultimately pumping the price of the asset.

Ultimately, it will be the bulls profiting from the price hike of LUNC so they are supporting the cause, which is going in favor of everyone.

Price Change from September to December

From the beginning of September to the month of December, the trading price of LUNC surged by 500%. This is a huge jump in the trading price of the asset given the fact it suffered a major loss in May.

At the time of writing, the trading price of LUNC is at $0.000142 and it is expected to move in the upward direction in near future.