LUNC Price News: The price of Terra Classic (LUNC) suddenly rose by nearly 7% on a moderately green day in the crypto market. The price speculation can be attributed to a number of reasons surrounding the crypto project, which is in a dire attempt to minimize its gigantic supply of 6 trillion tokens and to reinstate the UST peg back to $1.
LUNC As Reserves?
The crypto community is abuzz with the news of LUNC being the next SHIB, which would see a massive number of buy orders from crypto exchanges and other firms in regard to their reserves. This particular news has been brewing for quite some time now, and caught more steam on Friday.
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With reports of crypto giant Coinbase buying LUNC worth $245 million (unconfirmed) flooded social media platforms like Twitter and Reddit; thus pushing the cryptocurrency’s price up for two consecutive days. Moreover, this comes in the midst of market obstacles including an increased number of businesses filing for bankruptcy due to the FTX collapse and the weakening macroeconomic environment.
Airdrop Pumps LUNC Price
Earlier, as reported on CoinGape, Binance also completed its second round of airdrop distribution to Terra Classic (LUNC) and Terra ClassicUSD (USTC) holders, which was related to the “Terra Ecosystem Revival Plan 2” devised by Do Kwon. In May of 2022, the initial airdrop was already successfully completed.
— BSC News (@BSCNews) December 22, 2022
Reacting to this news, the Terra Classic price jumped 7% in the last 24 hours resulting in the overall positive sentiment stretching until Friday.
LUNC Price Bottomed Out?
In light of this, members of the LUNC community are speculating on whether or not the token price has already reached rock bottom. A good number of LUNC holders are of the opinion that LUNC’s price bottomed out at the $0.00012 level.
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Furthermore, crypto analysts and experts feel that the token is on the path to a successful recovery at the current level and expects further uptrend in the coming days.
— SOMEONE OF ALT STREET (@Dimond_Boots) December 23, 2022
Currently, as per CoinMarketCap, the LUNC price is trading at $0.000145 which is up by 0.1% in the past 1 hour, at the time of writing. Meanwhile, the USTC price trades at $0.022, up nearly 5% in the last 24 hours.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.