LUNC Soars Over 70% – Temporary Spike Or Sustainable Climb Ahead?
29 Novembre 2023 - 11:05AM
NEWSBTC
Terra has stirred considerable attention of late, experiencing an
impressive surge in prices that has left market observers
intrigued. The catalyst behind this upward trajectory can be
largely attributed to notable advancements within the Terra
Ecosystem. A recent substantial capital infusion likely instilled
significant confidence among investors, acting as a driving force
behind the recent upswing in LUNC prices. Related Reading: Revving
Up: Solana Bulls Ready To Charge As Analysts Predict Rally Beyond
$80 Examining The Factors Behind LUNC’s Meteoric Surge In the last
month, LUNC has been on quite a ride, marking an impressive 90%
surge in its value. This has triggered discussions, prompting
questions about whether this surge is just a momentary spike or the
initiation of a more enduring upward trajectory. The remarkable
boost in LUNC’s value finds its roots in a couple of noteworthy
events unfolding within the Terra ecosystem. Specifically, Terra
Classic Labs strategically invested around $500,000 into
TerraClassicUSD (USTC), the algorithmic stablecoin linked to the
Terra platform. Our $LUNC and $USTC weekly burn numbers have come
in. We had a bumper week, with GIGANTIC burns in both.#LUNC
finished the 7-day period with 702M 🔥🔥🔥#USTC finished the week with
2.2M 🔥🔥🔥 We are on track to have the biggest month with regards to
the #LuncBurn movement… pic.twitter.com/40SVd2IRTa — titan2022
(@titan20221) November 27, 2023 The considerable token burn that
has taken place recently is another key driver of the rally. The
quantity of LUNC tokens in circulation has decreased to 5.8
trillion due to the destruction of around 78.24 billion of them,
which could put more pressure on the token’s price. The
cryptocurrency industry frequently uses this process of token
burning to control inflation and increase token value by lowering
supply. Related Reading: XRP Market Drama: Ups, Downs And The $3
Horizon – Experts Weigh In On The Future LUNCUSD currently trading
at $0.0001199 on the daily chart: TradingView.com LUNC Showing
Bullish Side According to data from Coingecko, the price of LUNC
has now surged by over 80% this month, with a 71% increase tallied
this week in response to the announcement of Mint Cash and
Binance’s launch of the USTC perpetual contract. Furthermore, the
increase happens a week after Terraform Labs allocated $10 million
in assets among three different liquidity pools. As of writing,
LUNC is trading at $0.00011. With a $513 million daily trading
volume, LUNC’s market capitalization of $661 million places it as
the 79th largest cryptocurrency asset. LUNC’s indicators are all in
very positive positions, which is not surprising given that the
coin has increased by more than 30% in a single day. Before the
present rally loses momentum, its relative strength index (purple)
may peak at near to 90. Whales are waking up and jumping into #LUNC
👀✈️🚀🚀🚀🚀 — Bull.Lunc (@Bullluncdao) November 27, 2023 The coin’s
24-hour trading volume, which has increased from less than $20
million to more than $600 million virtually overnight, is arguably
the most encouraging of all. This surge implies that whales have
finally made a comeback to the token, pilfering more of it and
igniting a broader rally. Meanwhile, LUNC and USTC reported
milestone price increases over the previous week, according to data
from the crypto intelligence tracker Santiment. As a result of the
two coins’ historic weekly gains, LUNC and USTC are now the top
moving cryptocurrencies on Santiment’s tracker. Source: Santiment
Santiment’s analysts predict that the milestone price rallies in
both cryptocurrencies are probably signs that investors are
suffering from FOMO, or the fear of missing out on these tokens’
gains, which has propelled the assets to the top of the list,
surpassing both Bitcoin and Cosmos. (This site’s content should not
be construed as investment advice. Investing involves risk. When
you invest, your capital is subject to risk). Featured image from
iStock
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