An altcoin has made a splash as a result of speculation on Coinbase, one of the largest cryptocurrency exchanges. Allegedly, Coinbase would purchase almost $200 million from the altcoin in question. Such a speculation would also affect the price. Here are the details…
LUNC rose: What happened?
Terra Classic (LUNC) rose on speculative reports suggesting that America’s largest exchange Coinbase is looking to purchase over $200 million in LUNC tokens. Thus, the coin is moving against the bearish trend witnessed in the broader market. Also, there is another reason for the rally. The rise was also supported by Binance’s recent round of the second airdrop of LUNA tokens.
Binance completed the first phase of the Terra (LUNA) airdrop for Terra Classic (LUNC) and TerraClassicUSD (USTC) holders on May 31, representing 30 percent of all coins. The community was expecting the second round this month. As announced by Binance in a recent press release, the second round concluded today. Binance used the following statements:
The remaining Terra (LUNA) will perform airdrop distributions from December 2022 or June 2023 where appropriate. This will happen over a period of 24 or 48 months.
Claims to receive Coinbase LUNC
Coinbase LUNC acquisition rumors have also contributed to the recent price action. The LUNC community faced allegations that the US exchange had approved the purchase of LUNC worth $245 million. This amount is equivalent to 1.8 trillion tokens at the current exchange rate. So the community is witnessing the spread of speculative reports about Coinbase. The rumor was first reported by an anonymous crypto phenomenon and Terra advocate citing an inside source on Twitter today. LUNC Moon used the following statements:
Breaking news: Coinbase just authorized $245 million worth of purchases on LUNC. An internal source says more on-chain burns will be announced.
Some advocates generally reject the rumor. Others, however, are hopeful that an official statement from Coinbase will come to confirm the claims. The 1.8 trillion LUNC represents over 30 percent of the current circulating 5.9 trillion token supply. That is, the purchase will significantly support the price action of the asset if it happens. However, it is worth noting that this is not true unless there is an official statement from the stock market. Speculation plays a huge role in the cryptocurrency market, so it may be healthier for investors to keep their eyes on the official announcements.
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