The Terra Classic (LUNC) price reversed its downward trend barely into the new year and attracted some moderate buying close to the level of $0.0001530. Over the past few weeks, the price of LUNC has significantly increased as a result of a slew of fundamental factors & a breakout above the three-month declining channel. However, with the latest update coming from Binance, LUNC price might just see a new wave of retail interest, which may boost the price to levels never seen before.
LUNC’s Warning Signs Finally Removed
What comes as a surprise move from the world’s largest crypto exchange Binance, the long-standing warning signs labeled on the token have been finally removed. Previously, any user willing to buy or trade the LUNC token on the exchange was greeted with a message stating the cryptocurrency was subjected to “negative news/coverage recently”.
This dissuaded investors and traders, alike, from engaging with the cryptocurrency out of a concern that they might lose funds or positions as a result of the unfavorable sentiment that surrounded the project and token. Binance initially published the warning statement back at the beginning of 2021, when Terra (LUNA) was going through its infamous UST depeg, which caused the price of the LUNA token to go on a death spiral.
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The most recent warnings came after a court in South Korea issued an arrest order for Daniel Shin, who was one of the co-founders of Terra. In addition to this, Do Kwon, the creator of Terra and the core developer, has been hit with criminal charges by the Korean authorities. This led to many centralized exchanges halting the deposit & withdrawals for the altcoin, with Binance being the first one to do so.
LUNC DAO, a famous LUNC validator and community evangelist, was the first to initiate a campaign to criticize the danger warnings and a bid to get rid of them. The LUNC loyalist tweeted multiple times to Binance and CZ, the CEO of Binance, in order to bring notice to the situation. And as of this morning, Binance has finally responded to LUNC’s community request.
If we get this done (warnings removed from $USTC and $LUNA) then $LUNC will pump. All 3 correlate. This is the lowest hanging fruit that grants us an instant 2X. Be loud and let’s get it done https://t.co/m3UMChOQ82
— ??????? ??? (@LUNCDAO) January 7, 2023
Terra Classic (LUNC) Crypto Price Action
With this latest development, Terra Classic (LUNC) crypto price is expected to witness a major boost as new investors flock to the cryptocurrency. And, because Binance is currently one of the major crypto exchanges that is responsible for driving LUNA’s trade volume, the removal of the warning indicators will result in an increase in investor interest and subsequent purchases. Even while it won’t happen overnight and might take some time, the price of LUNC could skyrocket 2X to 5X its present value as a result of Binance opening the floodgates for the cryptocurrency.
As a result of the announcement, the price of LUNC has moved to $0.00017268 at the time of writing. And, according to the crypto market tracker published by CoinGape, this results in a growth of 2.08% over the course of the previous twenty-four hours, in contrast to a drop of 3.2% over the last seven days.
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The post Will This New Development Help Terra Classic’s (LUNC) Price To 5X? appeared first on CoinGape.