CoinMarketCap’s data revealed that $LUNC
bulls dominated last week by pushing the token’s price up by more than 18%. The bullish trend continued in the last 24 hours as the token’s value increased by over 6%.
At the time of writing, LUNC was trading at $0.00009981 with a market capitalization of over $544 million, making it the 130th-largest crypto. The positive price action did have an impact on the token’s social metrics.
As per our analysis of Santiment’s data, LUNC’s Social Volume increased, reflecting a rise in its popularity. However, after a sharp rise, Terra Classic’s Weighted Sentiment dropped.
This decline asserted that bearish sentiment around the asset is rising, which could contribute to a price correction.
AMBCrypto also found that LUNC’s burn rate increased dramatically in the last few days. Notably, the token’s burn rate surged on the 6th of November.
Generally, a rise in burn rate is an indicator of a deflationary asset. Whenever the burn rate rises, it decreases the market supply, which potentially affects the asset’s price positively.