Terra Luna Classic surprised many crypto community members by surging about 30% in the past week. The crypto token rallied despite its community rejecting a proposal to create an independent website. However, users attributed the LUNC price surge to positive developments from Terraform Labs (TFL) amid its Chapter 11 bankruptcy proceedings.
Recently, the Terra Classic community overwhelmingly rejected a proposal to create a website modeled after Bitcoin.org. According to the community member who submitted the proposal, it was intended to integrate design processes and concept workshops to foster community cohesion.
Only 4% of Terra Classic community members voted in favor of the proposal, with 21% voting against it. An overwhelming 63% of the members vetoed the proposal, while 12% abstained.
Notably, the proposal’s rejection did not affect LUNC’s rally this week. The crypto token opened trading at $0.00007493 at the beginning of the week, reaching a high of $0.00009614 as of last Tuesday. LUNC then pulled back slightly, dropping to $0.000084875 before regaining its bullish momentum to trade for $0.000090941 at the time of writing, according to data from TradingView.
Meanwhile, Santiment’s data show a boost in LUNC’s social metrics, with the token’s social volume rising significantly. It is worth noting that Binance has been carrying out LUNC burns, an exercise many crypto community members believe is contributing to the token’s bullish sentiment. However, it is not all positive for LUNC, as its Weighted Sentiment remains negative, suggesting ongoing bearish feelings among traders.
Technically, LUNC’s price is struggling to overcome significant resistance. It would need to climb above that level for the bullish sentiment to remain intact. In the meantime, significant LUNC liquidations at $0.000086 suggest a possible price correction soon.
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