Within an hour of losing 25% of its value, LUNC’s price had increased by 25% after a six-day decline. LUNC is currently worth $0.00025, up 13.67% over the past 24 hours and down 6.615% over the last week.
The volume of LUNC’s trades rose by 153% as of press time. Traders’ volume represents the volume of trades on an exchange. Investors selling their LUNC coins on exchanges may have boosted the volume of trading.
Some of "The New Whales" from Arab Peninsula were getting involved in LUNC JUMP UP today
Good lesson from #Binance
— Iskandar Chandra (@IskandarChandr7) September 26, 2022
Why Did the Price Rise?
An increase in marketplace purchases accompanied the growth in trade volumes. Following the 1.2% tax burn on September 21st, Terra Chain’s native asset, LUNC, has been the subject of increased discussion.
Since September 17th, the price has dropped more than 90%, halting the excitement. Similarly, Binance’s announcement that all on-chain transactions would incur a 1.2% tax burn had no impact on the market.
Damn, Terra taking a huge jump. They catch Do Kwan lol #TERRA #lunc pic.twitter.com/1zdRWb7zTZ
— ✌️XRPVeteran ☀️ (@XRP5326) September 26, 2022
According to Binance CEO Changpeng Zhao, LUNC traders will not be charged a token burning charge. Rather, CZ is offering users a subscription to burn the cryptocurrency, with the caveat that a full-fledged solution will only be available if more than 50% of the LUNC transaction volume is completed via the subscription.
Calling $LUNC community for answers. Why is $LUNC always jumping when the market is bleeding? Is there a logical reason for this ? The entire #LunaClassic community starts to jump so is it a security due to hype for security when $BTC 📉 ???
— exeohe.eth (@exeohe) September 26, 2022
Interpol’s red notice and Terra’s founder Do Kwon’s recent developments exacerbated the pressure to sell. An arrest order has been issued for Do Kwon by a South Korean court for breaking capital markets legislation with five others.
A new twist was added to this story when Kwon’s alleged absence from Singapore was revealed. While Terra’s founder claims he isn’t on the run, he joked on Twitter on September 17 that he “needs to trim calories” after not jogging for so long.
Tbh havent gone running in a while, need to cut some calories https://t.co/SP9VtS5ob2
— Do Kwon 🌕 (@stablekwon) September 17, 2022
