LUNC Crypto Recovers with Staking Surge, Bullish Sentiment Grows
Surprising Increase in LUNC Staking: What Does It Mean for Terra Classic?
Terra Classic has seen a notable increase in the staking of its cryptocurrency LUNC in recent days. After a sharp drop, the staking ratio of Terra Classic once again nearly reached the 15% mark.
Price Drop and Recovery for Terra Classic
In the past week, Terra Classic recorded a double-digit percentage price drop. According to CoinMarketCap, LUNC fell by more than 22% in the last seven days. This price drop may have caused uncertainty among stakers, leading them to begin unstaking their LUNC tokens. This resulted in a decrease in the LUNC staking ratio to 14%.
However, the situation changed again in favor of the token when the staking ratio rose again and was just below the 15% mark. According to data from LUNC Metrics, more than 1 trillion LUNC was staked at the time of reporting.
Causes and Outlook
One possible reason for the renewed interest in LUNC staking could be the slight recovery of LUNC on its price chart. The token’s bearish momentum slowed as its price fell only slightly in the last 24 hours.
At the time of publication, Terra Classic was trading at $0.0000952 and had a market capitalization of over $551 million, making it the 101st largest cryptocurrency.
Although the bearish trend eased somewhat, it was examined whether LUNC could actually recover from its recent price correction in the near future. Our analysis showed that the social volume of LUNC sharply increased on January 24, 2024, when its price slightly increased. This increased the bullish sentiment around the token, as evidenced by the increase in its weighted sentiment on the same day.
Conclusion
Despite recent losses, LUNC is beginning to recover, while its sister token, Terra [LUNA], has already managed to turn its chart green. According to CoinMarketCap, LUNA had risen by more than 1% in the last 24 hours and was trading at $0.5935 at the time of reporting.
Sources: CoinMarketCap, LUNC Metrics, TradingView.
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