After last year’s collapse, LUNA continued its life as LUNC. Many victims kept buying as they believed there would be no further losses, only to see the price plummet from double-digit levels to one with many zeros. Does the rise in November indicate a possible comeback?
LUNC Coin: Why Is It Rising?
On November 27th, the USTC/USDT exchange rate increased by 176% within 24 hours, reaching $0.037, and the LUNC price also increased by nearly 30%. The new team struggling to revive the network has not achieved any significant success so far. However, demand significantly revived following Binance‘s listing of USTC for futures trading.
We have long discussed the potential for speculative rallies during general market upswings for such altcoins. Data from the TerraClassic Foundation shows that the latest price movement is not only speculation but also connected to network revitalization.
Users conducted approximately 589,000 transactions on the network on November 22nd, nearly double the number from the previous month. During the same period, there was a notable increase in the amount of LUNC staked. By November 24th, the ratio of staked LUNC tokens had risen to 15% of the total supply.
LUNC Coin Commentary
Despite all the optimism, the old days for LUNC seem very far away. Many investors rushed to expensive collections when the Terra crash started while the NFT craze had not yet subsided. Some accumulated LUNA and UST (now USTC) at prices that are very expensive by today’s standards, but none received what they expected. And it does not seem likely they will in the near future.
Do Kwon’s arrest, confrontations with law enforcement, and the collapse of the multi-billion-dollar Terra ecosystem are not shocks that can be easily overcome. Moreover, much more successful competitors than Terra and the Terra Classic network have entered our lives during the bear season.
Although it is normal for the Terra Classic ecosystem to experience speculative and abnormal movements in a strong competitive environment, a clear comeback seems difficult.
In April, the $0.00012 area was a tough resistance and has not been surpassed again. If the price can overcome this area, we might see a rally extend to $0.00015, but even if the price removes one or two zeros, compensation tokens given to the victims will not cover their losses.
Disclaimer: The information in this article is not intended as investment advice. Investors should be aware of the high volatility and risk inherent in cryptocurrency and should conduct their transactions based on their own research.
- LUNC’s November surge raises questions.
- Data suggests network activity, not just speculation.
- Despite optimism, LUNC’s full recovery is uncertain.
