Till yesterday, the crypto market was displaying all signs of recovering well after a few disastrous months.
However, the scenario changed with the release of the Consumer Price Index (CPI), and the bears took over.
It’s just not crypto, even the large tech stock, NASDAQ 100, ended the day in red, something which has not been seen in the last two years.
Meanwhile, Terra Classic (LUNC) is seeing a rise in social activities. One of the Twitter users, “Lite”, has claimed that the marketing and business strategy of the Terra Classic (LUNC) team is going against its supporting members, which is causing its price hike.
LUNC Price Analysis
Interestingly, while the whole crypto market was facing bearish pressure, LUNC surged by more than 30% in just 24hrs, which gave investors some hope and confidence in the currency’s stability.
But did this boom indicate reality? Maybe not.
As per Light, this is just a strategy that LUNC had adopted to advertise the project during such high volatility. The team has opted to add liquidity and funding to push the asset’s price higher while other currencies are dropping.
However, at the time of reporting, Terra Classic (LUNC) is selling at $0.000298, down 18.67% over the past 24 hours, making the day very unproductive for the currency.
There has also been a proposal to implement a new burn strategy which will affect the a major reason why traders like Light are choosing to short the asset.
