LUNC up 52% in a week, becomes most profitable crypto among top 100
According to CoinMarketCap, Terra Classic (LUNC) was the most profitable cryptocurrency of the week. Over the past seven days, the coin has gained over 50%, with its value climbing from $0.000197 to $0.00035. The increase comes after two consecutive weeks of decline, when the value of the LUNC was down by 55% since mid-September.
LUNC remains an extremely volatile crypto asset, something that has been going on since August. Many factors continue to influence the cryptocurrency’s prices. The main one is speculation by major LUNC holders, possibly including the issuer Terra and its founder Do Kwon, who is actively hiding from the Asian police and Interpol.
Among other things, the news of the burning of LUNC has added to the volatility, with Binance, the largest holder of Token Liquidity, announcing the implementation of a burning mechanism on the exchange. The number of LUNCs burned by Binance will be known tomorrow, with the first collection of trading fees in margin and spot LUNC pairs on the exchange ending October 1.
Terra Classic (LUNC) price action
LUNC is currently trading at $0.000336, having consolidated in an important area above $0.00032. The outlook for LUNC remains mixed. On the one hand, about 300 million LUNCs are burned daily, on the other, the total supply is still 6.9 trillion tokens.
LUNC also remains highly prone to speculation by market makers and large holders, increasing the risk of opening positions. The positivity that the burning data from Binance could bring could both increase the LUNC quotes and provide a great opportunity for these entities to dump their tokens.
