Terra Luna Classic (LUNC) price action in the market has been declining lately. According to CoinGecko, LUNC’s price is $0.00007691, marking a 16.08% drop in the last day and a 19.35% dip over the past week. This substantial decrease has prompted discussions and analyses within the crypto community.
What you'll learn 👉
Whale Movements and Exchange Withdrawals
One notable factor contributing to the price drop is the movement of LUNC from the BTCTurk exchange. Crypto News Portal reported that approximately 300 billion LUNC were held in the BTCTurk wallet.
Currently, only about 4.7 billion LUNC remain, indicating major withdrawals. It remains unclear whether the withdrawn LUNC was sold in the market, adding more uncertainty.
WSB Trader Rocko highlighted discrepancies between LUNC’s technical and fundamental aspects. Despite holding below key support levels, there is potential for a bullish trend if LUNC can surpass $0.0001, especially with Bitcoin performing well. However, until this threshold is crossed, a cautious stance is advised.
Measures That Could Prevent the Ongoing
JESUSisLORD, a figure in crypto, mentioned that over 5.9 billion LUNC were burned, with 740 million LUNC added to the community pool. These burns were driven by whale and centralized exchange (CEX) wallet movements.
The proposal for a 1.5% tax on transactions is gaining attention, as it could have resulted in 17.7 billion LUNC burned and 2.2 billion LUNC added to the community pool. The tax aims to discourage dumping and ensure all participants, including large whales, contribute fairly.
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Market Reaction and Future Prospects
The events have sparked discussions on LUNC’s future. Furthermore, the proposed 1.5% tax, will be voted on after the tax-to-gas proposal is completed. Moreover, this could set up LUNC for a favorable position in the upcoming bull run.
Additionally, the temporary increase in staking rewards due to the burns may incentivize more community engagement and support. Besides, the price decline of Terra Classic can be attributed to whale movements, discrepancies between technical and fundamental indicators.
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