CoinMarketCap data revealed that $LUNC
Bulls dominated last week by pushing the token price up by more than 18%. The uptrend continued in the last 24 hours as the token value increased by more than 6%.
At the time of writing, it was
$LUNC It is trading at $0.00009981 with a market cap of over $544 million, making it the 130th largest cryptocurrency. The positive price action has had an impact on the token’s social metrics.
According to our analysis of Santiment data, LUNC’s social volume has increased, reflecting an increase in its popularity. However, after the sharp rise, the weighted sentiment for Terra Classic has decreased.
This decline confirmed that negative sentiment around the asset is increasing, which may contribute to a price correction.
AMBCrypto also found that the LUNC burn rate has increased significantly in the past few days. It is worth noting that the token burn rate spiked on November 6th.
In general, an increased burn rate is an indicator of a deflationary asset. The higher the burn rate, the lower the supply in the market, which positively affects the price of the asset.
