By Franklin Smith
The crypto market saw some events within the past 24 hours which seemed inexplicable. True enough, these puzzling incidences have reasons. So, what do we have this time? Surprisingly, Terra’s “classic” assets surprised the community.
Terra Classic (LUNC) and its untied stablecoin Terra Classic USD (USTC) witnessed unprecedented 13.46% and 30.71% upswings from their respective prices over the past day (Coinmarketcap data).
The rally by Do Kwon’s projects could have astounded other market participants considering trading inconsistencies in the crypto market. However, that didn’t occur as it looked like something influenced the prices.
Let’s Command the Rally
That isn’t the only period such development emerged as similar affairs appeared in July. However, the plan that initiated it looks different. That’s because the project’s official community, LUNCDAI, tweeted about their control of LUNC price tendencies.
However, the claim could be valid. Santiment confirmed that the USTC and LUNC ecosystems saw remarkable volumes. The on-chain analytic platform revealed that volume increased by 242.38% over the past 24 hours, as LUNA hit $158.71 million.
USTC saw similar narratives, recording a 176.20% surge to $35.20M during that timeframe. These soars could match the claim about the community’s involvement in price surges. Moreover, LUNCDAO has been contemplating its latest interview with Binance’s Changpeng Zhao on August 20.
Market players argued that Binance’s CEO backed the community regardless of the challenges encountered. While that could have triggered price upticks, there’re other considerable factors.
Keep the Fire Burning
Besides the mentioned reasons, LUNC benefits from its burn rate deployment. The alternative token recorded positives after reporting a 100% burn drop on August 21. While August 22 saw a 77% surge, another 34% increase appeared as of August 23.
Investors should adopt cautiousness about LUNC in the short- and long-term despite the latest rallies. The backup assets have recorded pump & dump cases since the LUNA debacle.
Though we have no evidence for such a claim amidst the current surge, moving with care could be a lucrative investment decision. While publishing this post, USTC stayed far from the dollar peg, standing at $0.029, whereas LUNC hovered at around $0.0001.