LUNC/USDT 24-hour hot news: the resurgence of the community behind the surge
On December 6th, in a constantly evolving cryptocurrency market, Terra Luna Classic (LUNC/USDT) became the undisputed center of attention. Over the past 24 hours, the price of LUNC surged by more than 70%, rising from a low of $0.000043 to a high of $0.000073, with trading volume up by 746%, reaching $822 million. This "phoenix rising" rebound allowed the market capitalization to return to $397 million, ranking it among the top cryptocurrencies, well above the overall market decline of 1.3%.
At the heart of this frenzy is the escalation of the community's "burn action." Over the past week, more than 849 million LUNC tokens have been destroyed, bringing the total destruction to 426.79 billion tokens, or 8% of the total supply. Giants like Binance have significantly contributed, with a destruction of 172 million tokens in a single day yesterday, further reducing the circulating supply and boosting demand. At the same time, staking activities have exploded, with token holders locking up more LUNC to support network stability, the RSI indicator reaching 59, showing strong bullish momentum.
External catalysts should not be overlooked: founder Do Kwon will face a sentencing determination hearing on December 11, after admitting to multiple fraud charges, with the market seeing it as a signal of "things being settled," releasing positive potential. Binance has confirmed that it will support the network upgrade on December 8, improving security and compatibility, with no impact on transactions.
From a technical standpoint, LUNC has broken through a descending wedge, with the support level holding at $0.000033, the next resistance being at $0.000048. If the bullish market continues, the psychological barrier of $0.000125 will be within reach. However, one must remain vigilant against the risk of "selling after pumping," as traders need to watch for signs of declining trading volume. LUNC's comeback not only revives the vitality of the Terra Classic ecosystem but also reflects the resilience of small investors in a bear market. In the future, ongoing destruction and iterative development could help it regain its peak. Do you think this wave of "classic renaissance" is promising?
