Terra Luna Classic (LUNC) has experienced a notable resurgence recently, with its price surging by 25% over the past few days. Several key factors have contributed to this rally.
Terra Luna Classic’s (LUNC) recent price surge is driven by several key factors. Firstly, the burning of LUNC tokens on Binance has given a significant boost to its upward momentum. Additionally, breaking above the downslope trendline with high trading volumes has fueled optimism. Moreover, more traders are taking long positions on LUNC, indicating bullish sentiment. Lastly, the amount of staked LUNC has surpassed 1 trillion, showing increased confidence. Overall, the rally reflects the community’s strength and resilience, despite challenges, with holders remaining bullish amid the crypto market’s recovery.
Terra Luna Classic (LUNC) Price Surges 25% in February
Terra Luna Classic’s (LUNC) price has experienced a remarkable rally of 25% this February, marking a significant turnaround from the end of January. Today, LUNC reached a high of $0.0001225, with the bulk of the gains realized over the course of this week as the community engages in critical discussions.
One of the primary drivers behind this price surge is the recent Binance LUNC burn. In its 18th batch, the world’s largest crypto exchange, Binance, burnt a staggering 2.1 billion Terra Luna Classic (LUNC) tokens as part of its ongoing commitment to LUNC burns. This brings the total number of LUNC tokens burnt by Binance to over 50 billion, accounting for 52.1% of the net LUNC burnt by the Terra Luna Classic community.
Interestingly, the Terra Luna Classic community’s total burn is nearing the 100 billion mark, currently standing at almost 98.5 billion LUNC tokens. This significant milestone underscores the community’s commitment to token burning and its impact on the coin’s supply dynamics.
Terra Luna Classic (LUNC) Prepares for Higher Rally
The altcoin’s upward trajectory gained validation as it successfully flipped the support level of $0.0001, indicating its potential for a higher rally. Intraday trading volume for the LUNC coin surged by over 1000%, further bolstering confidence in its bullish outlook. Market analysis suggests that Terra Luna Classic is currently in a consolidation phase, experiencing a squeeze before an anticipated breakout towards $0.0002.
Proposals passed by the Terra Luna Classic community have played a significant role in the recent surge in LUNC’s price. One such proposal, numbered 12033 and titled “Compulsory KYC for all L1 developers,” was narrowly approved by the community with an impressive voter turnout of 90.5%. The proposal seeks to implement Know Your Customer (KYC) procedures for all L1 developers, aiming to mitigate short selling of Terra Luna Classic and enhance the chain’s security and safety.
Additionally, the community endorsed Genuine Labs, a new developer group tasked with addressing chain-related issues. Furthermore, a spending proposal for developers who successfully completed all developments was also approved, indicating a commitment to rewarding contributors for their efforts.
LUNC Shorts Liquidated as Demand Surges
The Terra Luna Classic (LUNC) market has witnessed a notable uptick in short liquidations this week, signaling a shift in market sentiment. The increase in trading activity aligns with an overall bullish outlook, with investors and traders anticipating a robust recovery following the recent market correction.
After experiencing a decline in total LUNC staked, dropping to nearly 950 billion in December and January, there has been a resurgence in LUNC staking activities. The staked supply has rebounded and currently stands at over 1.027 trillion LUNC, marking a continuous rise throughout the week. The staking ratio has achieved a significant milestone, reaching 15.09%.
LUNC staking plays a pivotal role for validators and the Terra Luna Classic project. This essential process involves users locking their assets with a validator to earn rewards, contributing to the overall stability and growth of the ecosystem.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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