Why Is Dead Terra Classic (LUNC) Pumping? Surges Over $700 Million Daily Trading Volume but Analysts Call Scam
In a recent development, Terraform Labs founder Do Kwon, who is wanted in both South Korea and the United States, is set to be extradited from Montenegro after receiving court approval for his removal. This news has sent ripples through the cryptocurrency community, particularly among investors in the Terra ecosystem. The looming extradition raises questions about the potential impact on the ecosystem and its associated token, LUNC.
Significant Increase in Trading Volume Raises Doubts
Amidst the founder’s extradition proceedings, LUNC, the native token of Terra, experienced a staggering surge in trading volume. Reports indicate that LUNC’s daily trading volume soared over 800% to reach an impressive $700 million. This sudden spike in volume has caught the attention of traders seeking to capitalize on the pump. The price has also spiked by more han 40% today alone.
However, analysts and members of the crypto community have expressed doubts about the sustainability of this surge. Some caution against investing in LUNC, highlighting its volatility and the potential for market manipulation. X Crypto, a prominent voice in the community, warned, “Remember, $LUNC is a scam coin. It can dump and pump based on market makers’ mood. Try to buy in spot or take less margin 2X 3X etc.”
Questions Over Sustainability and Community Behavior
As the trading volume continues to soar, concerns over the long-term viability of the pump have emerged. Santy, a vigilant observer of the crypto market, stated, “Ustc lunc Luna Pump is always bad news for the Crypto market. We are towards the end of the mini bull/pump season. Be careful now, dump anytime soon.” This skepticism is further echoed by Lunar Dyno, who questions the community’s eagerness to participate in every pump: “Why is the $LUNC community so thirsty for every scam? Or maybe they just ride the tide knowing everyone else will fall for it?”
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Crazy G encapsulates the prevailing sentiment of mistrust, suggesting that deceit and fraud continue to prevail in the crypto industry, with scams often experiencing the most significant pumps. They argue that as long as someone’s bags are being filled, excuses will be made for such projects. This sentiment underscores the need for caution and due diligence when engaging with volatile assets like LUNC.
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