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June 15, 2024
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Terra Classic Due To Ugly Crash! LUNC Price To Retest Low Levels

The post Terra Classic Due To Ugly Crash! LUNC Price To Retest Low Levels appeared first on Coinpedia Fintech News

A wild year unfolded for Terra Luna Classic (LUNC). After reaching $119 in April, it dropped to $0 on May 12 when it collapsed. The token began to regain strength and during the past several months, it had a 180% increase. But Terra Luna was the subject of yet another controversy when an arrest warrant was issued against Do Kwon, the founder of Terraform Labs, by the South Korean authorities. 

The LUNC price fell by 2.60% on the previous day as of the time of writing, to $ 0.0002765. The scenario will change, according to several analysts, especially after Binance launched its LUNC burn program.

A 4-hour LUNC trading chart was shared in a tweet today by IncomeSharks, who stated the opinion that the token is trying to recoup prior price lows as it continues to fluctuate below the previous upward trendline. The data also shows that the token’s on-balance volume is continuing to drop.

It’s important to note that LUNC owners were thrilled to see their investments increase by over 300% in the beginning of September, despite the crypto market being in free fall. A 1.2% tax burn plan by Terra Classic core creator Edward Kim, who vowed to reduce the supply of LUNC to 10 billion, paved the way for the spectacular rise.

Volumes have, however, significantly decreased with the adoption of tax parameter modification. On-chain volumes have decreased since, according to Alex Forshaw, a terra

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developer who opposes the 1.2% tax, by as much as 90%. Consequently, the tax has only so far burned through around 5.5 billion LUNC.

Since then, the price has lost more than 40% of the gains earned in early September, while recently stabilizing at the $0.0003 price level. Notably, Santiment Feed noted in September that LUNC’s price fluctuations resembled DOGE’s from the previous year in many ways, warning that a significant bull run might come after a consolidation following the 300% surge.

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