Analysis

LUNA Increases 167% After The Rise Of LUNC

As of now, Terra’s LUNA has increased by 167% in value. It became the biggest gainer cryptocurrency today among the top 100 coins. This phenomenon appeared immediately after the significant increase of LUNC. Will Terra come back from here?

According to data from CoinMarketCap, the value of LUNA has climbed by 166% over the past 24 hours to reach a price of over $5 at the moment. It’s an unexpected increase for a coin that has been hovering around the $2 level since early June with little movement. Over the past day, the price surged as high as $6.87, reaching a maximum 247% increase since the day’s beginning on September 9.

24h LUNA price chart. Source: CoinMarketCap

The original Terra ecosystem collapsed in May. LUNA Classic is the original coin, while LUNA is a new coin from the rebooted blockchain network.

Previously, LUNC had almost lost 100% of its value in May, but with the “determination” to rebuild the Terra empire, Do Kwon really created a new coin to revive the money ecosystem. electronics have collapsed.

In the past few days, LUNC has witnessed a dizzying increase, in the same period of last week, LUNC has reached an increase of 180%. Despite a 20% drop in the past 24 hours as the speculative fever subsides, LUNC is still up nearly 56% this week at its current price of $0.000043.

24h LUNC price chart. Source: CoinMarketCap

LUNC’s increase can be attributed to the proposed 1.2% burning tax on tokens. With this tax at the end of each transaction, billions of tokens could be burned daily. The proposal was created in the hope of helping to reduce supply in the market, mitigating the consequences of the previous crash in May.

Why the rebooted LUNA is up so big today is less clear. It could be an aftershock from LUNC’s momentum, effectively piggybacking on it while catapulting to even greater percentage gains in the process. Terra also recently launched a claim process for LUNA Classic holders who didn’t receive the new token when the network relaunched, with 19.5 million LUNA available.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News

Victor

Recent Posts

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

39 seconds ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

17 minutes ago

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

45 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

1 hour ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

2 hours ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

This website uses cookies.