LUNC Has Been Doing Surprisingly Well, Another Pump?
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Terra Classic is a very weird project. It is what was left after the collapse of the Terra Luna stablecoin that caused a domino effect we are seeing right now with the SEC receiving more free reign over the implementation of regulations. Now, Tether and USDC are also under meticulous scrutiny and may be subjected to disruptive inspections and prosecution. Tether is battling a lawsuit right now.
However, the total crash of Terra Luna did not stop devoted members of the community from trying to revive the project. Now, it is doing quite well.
The divergence from the common route is taking shape
The crypto market usually moves in unison. When “crypto winter” comes, it comes to every single asset. We all saw a spike in interest toward all tokens ahead of the Ethereum merge and a new bearish movement right after. Most tokens were affected and their price charts look eerily similar. On the other hand, some assets managed to diverge.
Bitcoin is the biggest and most obvious example. The price is stabilizing and it is performing much better than stocks and indices. Ethereum managed to hold on to the $1,350 price and looks like it is ready for recovery even if a short-lived one.
Among many crypto assets, LUNC stands out like a sore thumb. It is currently 116% up since the announcement from Binance that it would start burning fees in LUNC. Not only that, the asset has been stabilizing around the $0.0003 threshold with bulls rallying in preparation for a massive run that could start any minute.
LUNC is still an extremely risky gamble
There is no real reason for this asset to be so stable and promising at the moment. Fundamentals are simply not there. However, with Binance adding limited yet notable deflationary mechanisms, LUNC sees attention from speculators and investors interested in the long-term future of the seemingly revived coin.
It looks like another pump, but everyone could be wrong. We recommend you do your research if you are interested in buying into the LUNC hype!
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