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LUNC Listed Among One of the Best Performing Coins Despite Price Falls

Cryptocurrency Oct 04, 2022 12:00PM ET
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© Reuters LUNC Listed Among One of the Best Performing Coins Despite Price Falls
 
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  • LUNC price reaches a peak of $0.00031131 before giving up some of the gains.
  • Binance announced intentions to lower the LUNC token’s supply.
  • Analysts prefer LUNC over BitCoin because they believe it has more potential.

LUNC, a cryptocurrency designed for peer-to-peer payments and microtransactions, is one of the most popular assets on the CoinMarketCap website. As of October 4, LUNC had a market capitalization of $2.5 billion, making it the ninth most valuable cryptocurrency on the site.

It has a fast transaction time and low fees, making it an ideal choice for use in everyday transactions.

Bitcoin and Ethereum have underperformed LUNC over the past 30 days. During the previous week, the token reached a high price of $0.00031131 before surrendering some of the gains.

At the time of publication, it is trading for $0.0002604. Despite its depreciation in price , the current bear market has nominated LUNC as one of the best-performing cryptocurrencies.

Over the past four months, the asset has increased by more than 25,000% from its historical implosion in May.

Despite the excitement surrounding the merger, Bitcoin has lost more than 13% of its value over the past 30 days, while Ethereum has dropped about 4%. Experts assume that Do Kwon’s arrest warrant is the reason why LUNC outperforms Bitcoin.

The now-infamous Terra blockchain, which crashed in May and led legislators to explore outlawing similar algorithmic stablecoins, is represented by the LUNC token.

Binance, the largest cryptocurrency exchange in the world, revealed plans to reduce the token’s supply on Monday. The exchange stated: “Binance will put in place a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address.”

LUNC’s price is $0.0003161 at the time of writing, having dropped 7.43% during the previous day. The market cap as of press time is $1.9 billion. Terra Classic trounced the majority of the cryptocurrency market in August, generating gains to summer investors of about 500%.

LUNC has been able to hold the $0.00016 area for almost two months, but it is currently having trouble recapturing the $0.0003 objective. Will it be able to retain it even if it does eventually reach it? Some analysts choose LUNC over Bitcoin because they think it will, rather than vice versa.

The post LUNC Listed Among One of the Best Performing Coins Despite Price Falls appeared first on Coin Edition.

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LUNC Listed Among One of the Best Performing Coins Despite Price Falls
 

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