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Terra Classic (LUNC) – Pump & Dump and the latest developments

 


The former Luna token, now dubbed Terra Classic, is showing some signs of life thanks to a system implemented by leading crypto exchange Binance .


Binance burns another 3 billion LUNC, bringing the total number of units burned to 17.9 billion

LUNC is briefly showing a price rally to the upside, up 5% in the last 24 hours

A 12% drop could take the Terra Classic price as low as $0.00018

Recall that on September 26, 2022, crypto exchange Binance decided to burn all spot and margin trading fees for LUNC transactions by sending them to a specific wallet address. With this, Binance responded to the suggestion of the Terra Classic community to offer its users a good trading experience.


Around 17.9 billion LUNC tokens have been burned since then. The latest process initiated by the crypto exchange resulted in the destruction of 3 billion units of the cryptocurrency.


There was an obviously positive reaction to this development as Terra Classic has seen an increase over the past few weeks. Just under a month ago, LUNC climbed as high as $0.00058 as shown in the chart below.


Terra Classic Chart Performance September

Although LUNC plummeted following the decoupling of UST, the coin appears to be gaining popularity among traders. With such extreme fluctuations, this is of course not surprising.


AWAY Preperformance

At the time of writing, LUNC is trading at $0.000282 and is down 6.75% in the past 24 hours. The recent burn activity on Binance kept buyers keen to push the value to continue the price rally and close in on the $0.00036 resistance level.


However, the sellers quickly made a countermove by applying heavy selling pressure. As a result, LUNC coin started showing bearish signals once again.


The cryptocurrency could face a 12% drop to the $0.000271-$0.00026 support zone. Failure to sustain this level would mean a significant price drop that would further depress the trading price of the asset.


LUNC's ongoing struggles

In the past year, Terra Classic has faced many difficulties. Aside from being outperformed by heavyweights Bitcoin and Ethereum, it has also been ousted from all top 100 crypto assets.


It has also lost 100% of its all-time high of $119.01 which was set on April 5th of this year. The problem here is clearly the utopian annual inflation rate. Investors are currently pinning their hopes on the fact that LUNC continues to be traded on Binance and is oversold and therefore could rise soon.


However, if the current combustion mechanism implemented by the crypto exchange does not successfully drive the token's price, investors could start to turn away from LUNC.


It seems like LUNC is the new prime example of a pump & dump coin, where high-volume traders can influence the price with comparatively small volumes. Therefore, one should exercise caution when investing in a cryptocurrency like LUNC .

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