LUNC Witnesses a Dramatic Price Surge, Will It Continue?

Terra Classic (LUNC) Ultra Bullish and Surges Above 50%
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  • LUNC attained a massive surge, registering 41.93% in the last 24 hours. 
  • Recently, LUNC’s price dropped dramatically following Do Kwon’s arrest warrant.

The controversies regarding TerraLabs founder, Do Kwon are still going through the global cryptocurrency market. The arrest warrant and recently issued red notice by Interpol for Do Kwon is the ‘hot topic’ in the crypto world now. At the same time, TerraLabs’ newly launched token, Terra Classic (LUNC) has registered a significant surge in the last 24 hours.

Lunc Witnesses A Dramatic Price Surge Will It Continue
LUNC Price Chart (Source: Tradingview)

At the time of writing, Terra Classic (LUNC) is trading around $0.000321 with a one-day trading volume of $1,417,085,876. Interestingly, the coin has increased by nearly 41.93% in the last 24 hours. The coin has a circulating supply of 6,151,072,613,161 LUNC coins, as per CMC. 

LUNC’s Sudden Gain

The Binance exchange has recently announced its support for the Terra Classic tax burning mechanism. According to the platform, the trading costs for LUNC spots and margin trading pairs would be subject to the burn mechanism. It is assumed that the recent support from the leading global exchange has resulted in a tremendous price surge of the token.

After Do Kwon’s received the arrest warrant from the South Korean authorities, Terra Classic witnessed a dramatic price drop. The coin continuously experienced a wavy price momentum and registered a minor recovery during the past few days. 

Previously, the global crypto market has shrunken massively as a result of the TerraUSD crisis. It also resulted in the huge price drop of most of the popular cryptocurrencies. According to reports, the Terra ecosystem failed in May due to the UST de-peg. During that time, the stablecoin dropped by around $0.006.

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