Terra Classic Up 65% In 7 Days, Top 10 Wallets Hold Billions Of LUNC Tokens

Terra Classic (LUNC) is up almost 65% in the last seven days and has climbed the ladder, reclaiming the 31st position in the crypto space.

According to CoinMarketCap (CMC) data, as of 10.19 a.m. ET Sunday, the LUNC token broke above the $2 billion market capitalization mark while jumping almost 126% in August and 37% in September. The token also began October on a bullish note and saw a price surge of almost 70% last week.

On the other hand, the failed stablecoin called the Terra Classic USD (USTC) coin has been on a severe downtrend after rising 117% in June, as per CoinMarketCap. However, the token did end September on a bullish note, up by almost 4.5%.

The LUNC rich list and wallet data by CoinMarketCap show that the total unique addresses of LUNC rose significantly in the last few weeks and as of Oct. 2, the number of addresses amounted to 11,810.

Interestingly, when compared to Bitcoin, which has millions of unique addresses, the number is way too low which means that LUNC is more subject to price manipulations. The top 10 holders of the LUNC tokens possess almost 12.05% of the current circulating supply which is around 6,151 billion tokens. On the other hand, the top 50 holders possess 25.57% supply, and the top 100 holders possess 34.26% supply.

It is crucial to note that Binance, the world's biggest crypto exchange, introduced a burn mechanism for the LUNC ecosystem which means that gradually, the prices of the token will rise as the supply will decrease alongside an increase in demand. However, this would also increase the percentage of the supply that the top 10 and top 100 holders will be in possession of.