In today’s crypto market, we are witnessing the tale of three tokens: the surprising resurrection of a fallen giant, the meteoric rise of a social media meme coin, and the comeback of a platform token fueled by a strategic burn. To be more specific, we will talk about the rise of coins named LUNC coin, OX and DEGEN. Here are the details…
Remarkable rise for LUNC coin
Terra Classic (LUNC), once a major player hit by a devastating crash, has posted a remarkable double-digit price increase in the last 24 hours. Data revealed that LUNC increased by more than 10% in the last 24 hours. As the token’s price rose, its trading volume increased by more than 700%. Significant price changes are often preceded by sudden increases in volume. This indicates that interest in the market is increasing. Thus, it shows that the ongoing trend may continue for a longer time.
However, a closer look at technical indicators reveals potential hurdles ahead. Although a bullish trend prevails due to the price increase, metrics such as RSI and CMF point to a possible pullback. Still, the community remains optimistic with a new proposal aimed at burning down the LUNC supply and improving its security. This proposed burning process, if implemented, would significantly impact the future course of the token.
Another major problem for LUNC was that it faced manipulation by anonymous bad actors such as scammers. If the new proposal is accepted, 99% of bad actors will be eliminated quickly. Thus, the network will be secured. This process will burn an estimated 50% of the supply within 90 days. This has the potential to have a positive impact on the price movement of the token. According to LUNC Metrics, 97.98 billion LUNC burns have occurred to date.
DEGEN and OX started to fly
Meanwhile, in the social media-driven crypto trends space, the Farcaster community’s meme coin DEGEN is taking flight. Launched in January via airdrops to active members, DEGEN’s impressive 93% rise today highlights the growing influence of meme coins in relevant online communities. DEGEN’s meteoric rise is a reminder of the power of social media buzz and community sentiment in shaping crypto market movements.
Finally, the crypto perpetual contract trading platform OX. On FUN, the native OX token is experiencing a resurgence following a successful token burn event. The destruction of 2.2 million OX tokens yesterday was critical. Because the token price has recovered by over 37% today, it is restoring investor confidence. This strategic reshuffle at OX.FUN potentially marks a turning point for the platform and its token.
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