Terra Classic (LUNC) has had a rough go of it since the TerraUSD (UST) crash back in May 2022. Since then, the digital asset has been trading at over 99% less than its value had been but despite this, the cryptocurrency continues to enjoy the support of both small and large investors alike.
Crypto Exchange KuCoin Stakes 47.9 Billion LUNC
On Wednesday, reports made the rounds on Twitter that crypto exchange KuCoin had become one of the largest stakes of Terra Classic (LUNC). According to the tweet posted by a user who goes by @TMMCryptos, the crypto exchange staked 47.9 billion LUNC tokens.
HUGE STAKING EVENT!🚀
— The Millennial Market (@TMMcryptos) February 8, 2023
At the time, the massive staked figure from KuCoin brought the total staked tokens on the supply to 13.8%. By staking the tokens, KuCoin entered into the network once again, and its staked volume means that the exchange now controls 5.09% of the voting power on the network.
Almost 1 trillion LUNC tokens have now been taken out of circulation through staking. This represents just under 15% of the 6.9 trillion circulating supply of the digital asset. At the time of this writing, there are now over 200,000 delegators on the Terra Classic network.
KuCoin’s massive stake comes just two months after the exchange had unstated 48 billion, citing a switch in internal financial accounts pledge node.
Terra Classic On The Charts
Following the news of KuCoin’s 47.9 billion tokens stake, the price of LUNC responded positively. The digital asset saw a small increase but this would quickly change. On Wednesday, the price of LUNC crashed to $0.00017. A small recovery would see it rise above $0.00018 but this would only be short-lived as a crash in the early hours of Thursday sent the token’s price spiraling once more.
Presently, the price of the digital asset is seeing significant resistance at $0.00019 which makes it the level to beat if bulls are to maintain upward momentum. On the flip side, a dip below $0.00016 will trigger a rapid decline for LUNC, putting it in freewill to $0.00015. But as long as bulls are able to hold above $0.0017, there is good momentum for the cryptocurrency.
At the time of writing, LUNC is changing hands at a price of $0.000175. It is down 3.97% in the last 24 hours but is seeing slight gains of 1.99% on the 7-day chart.
LUNC price sitting above $0.00017 | Source: LUNCBUSD on TradingView.com