The Recent Surge in Terra Luna Classic (LUNC) Price
The recent price rally of Terra Luna Classic (LUNC) is a testament to the strength and resilience of the community. Despite challenges and FUD, the LUNC holders remain bullish amid the crypto market recovery.
Reasons for the Price Upswing
There are several factors contributing to the recent upswing in the price of Terra Luna Classic (LUNC).
Binance LUNC Burn
One primary reason is the recent burn of LUNC tokens by Binance. The exchange burned 2.1 billion LUNC tokens in its 18th batch, which accounts for over 50 billion LUNC tokens burned by Binance so far.
LUNC Breakout Above Downsloping Trendline
LUNC experienced a breakout from a downsloping trendline, with support at $0.0001. This breakout validated the altcoin’s potential for a higher rally.
Proposals Passed by the Community
The proposals passed by the Terra Luna Classic community have also contributed to the rise in LUNC price. One of these proposals aims to introduce KYC for all L1 developers and enhance security and safety.
Short Liquidations and Increased Trading Activity
This week, there have been numerous short liquidations of LUNC, indicating a rise in trading activity. The overall market sentiment is bullish, with investors and traders expecting a strong recovery.
LUNC Staking Rises Above 1 Trillion
After a drop in total LUNC staked in December and January, LUNC staking has been rising lately. The staked supply is now over 1.027 trillion LUNC, with a staking ratio of 15.09%.
LUNC staking is crucial for validators and the project, as it allows users to lock their assets with a validator and earn rewards.
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