Will LUNC Price Ever Recover? Analysts Shoot Down Hopes as Major Investors Shift to Algotech
The post Will LUNC Price Ever Recover? Analysts Shoot Down Hopes as Major Investors Shift to Algotech appeared first on Coinpedia Fintech News
Terra Classic (LUNC) has seen a major bull run in the last week pushing its price to rise above the $0.0002 threshold. The bulk of Terra Classic’s 30-day 90% rise can be accounted for with its 50% surge in the last 7 days.
Multiple factors have led to the recent boost in Classic’s (LUNC) price. The major events date back to late 2023, when the Classic community made significant decisions that influenced the cryptocurrency’s fate.
While LUNC has shown an impressive trend, its future performance remains to be determined. Investing in LUNC comes with inherent risks, influenced by market dynamics and external factors. The UST and its crash significantly impacted investor confidence, affecting the long-term sustainability of LUNC.
LUNC Continues its Sideways Movement After Binance Burn $300k Worth of LUNC
Binance recently conducted a burn of 100 billion LUNC tokens to reduce the token supply. On March 1, 2024, the 19th batch of the LUNC burning session completed the 100 billion LUNC Burn milestone.
Reports indicate that Binance burnt 2,243,572,668 Terra classic token LUNC worth $321,301. The community has burned a total of 102 billion LUNC. Binance is responsible for burning $53.48 billion in 2,956 transactions. This burning process has been ongoing since May 2022, with 19 cycles completed thus far.
Binance has burned almost $270 million in trading fees in the last month alone. The community, including exchanges, validators, initiatives, and individuals, burned 400 million LUNC weekly.
$LUNC surged by more than 30% after #Binance burned 2.21 billion Terra Luna Classic tokens in its 19th batch of the LUNC burn process.
A total of over 53 billion tokens were burned by the exchange and over 102 billion by the #TerraLunaClassic community.
— Satoshi Talks (@Satoshi_Talks) March 2, 2024
With LUNC showing a sluggish sideways momentum just three days after its recent price hike, the crypto community is speculating about its future trajectory. It was a disappointment for the investors who had hoped for a steady price hike after years of being in loss. Many investors are now exploring other promising DeFi choices like Algotech for massive returns.
Investors Shift to Algotech After it Raised Over $1.9 Million in Public Presale
Algotech (ALGT) has grabbed the attention of significant cryptocurrency investors due to its remarkable success in the private seed round, raising $1.1 million in just two days. With only two weeks into the public presale, the platform raised over $1.9 Million with 5,000 unique holders and is expected to cross $2 Million soon.
Algotech (ALGT) is an algorithmic trading platform that allows users to have access to advanced trading insights. The platform leverages artificial intelligence and blockchain technology to provide unparalleled advantages to traders. Some of the key features include breakout detection, mean reversion, and high-volume arbitrage.
The presale is currently in high demand, with 45 Million ALGT tokens sold out in two weeks. Investors rush to buy ALGT tokens for $0.06. In the next stage, the price will go up to $0.08 due to deflationary tokenomics. Some analysts expect the token price to rise to $1 once the project is listed on major exchanges, which makes this the ideal time to become a part of the project.
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Filed under: Bitcoin - @ March 8, 2024 4:15 pm