Lunanauts, LUNC validator, announced plans for a collaboration to boost support for the Terra Classic-backed LUNC cryptocurrency. On Monday, the announcement gained considerable traction in the broader crypto market. However, this announcement coincided with a decline in the token’s price.
LUNC, supported by the Terra Classic community, attracted attention from global crypto traders and investors due to its notable progress in crypto. However, the recent decline in the token’s value reflects a shift in market sentiment.
Pancakeswap Announces $100K Seed Injection for the Liquidity Pool
Pancakeswap has expressed its intention to inject a $100,000 seed into the liquid pool, as revealed by Lunanauts. The goal is to establish a pool between LUNC and the BNB chain, with plans to whitelist LUNC on the front end to facilitate trading. This move aims to minimise losses for traders and attract a more significant influx of traders to the exchange.
Additionally, the statement outlines that once whitelisted, LUNC will be automatically listed without the need for token imports. The community is optimistic that this initiative, announced on December 18, will garner increased support for the Terra-backed token.
Despite ongoing efforts to bolster LUNC’s tokenomics, the token’s price experienced a downward trajectory today, sparking speculation and discussions among crypto enthusiasts.
LUNC Price Drops
The LUNC price has experienced a notable decline of 12.54% in the last 24 hours, currently resting at $0.0001448. Additionally, the token witnessed a weekly decrease of 19.77%. Despite recent developments and the anticipation of a partnership with Pancakeswap, the token’s value remains bearish in the broader market.
Notably, the Terra Classic community rejected a substantial burning proposal, which included the burning of 800 million TerraClassicUSD (USTC). This development has contributed to the downward trajectory observed in Terra Classic-backed tokens today.
The contrasting market performance raises questions about the factors influencing LUNC’s value and investor sentiment, especially in the context of recent announcements and community decisions.