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LUNC’s Price Surges, Market Cap Hit $1 Billion: What’s Happening?

Published 02/03/2024, 09:38
Updated 02/03/2024, 09:45
LUNC’s Price Surges, Market Cap Hit $1 Billion: What’s Happening?
LUNA
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LUNC/USD
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Coin Edition -

  • LUNC’s price increased and its market cap surpassed the $1 billion market.
  • Bulls continued to dictate the momentum with the Fibonacci extension, suggesting a climb to $0.000016.
  • The 20 EMA flipped the 50 EMA on the daily chart, reinforcing the price increase potential.

In the last 24 hours, the price of Terra Classic (LUNC) has increased by a tremendous 29.45%, according to CoinMarketCap data. The price increase also affected its market cap which rose above the $1 billion mark.

LUNC’s price increase came amid growing bullish sentiment in the market. However, there was another catalyst that pushed LUNC’s price higher which was the Binance burn. On March 1, Binance burned 2.21 billion LUNC tokens.

The idea behind the burning is to make the token scarce while boosting the value if demand increases. Furthermore, ‘Vegas’, a prominent member of the Terra community revealed that the number of tokens burned in total has crossed 100 billion.

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