LUNC Soars Over 70% – Temporary Spike Or Sustainable Climb Ahead?

Christian Encila

1 year ago

4 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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.

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.

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.