In recent developments, the Terra Luna Classic (LUNC) price has seen a rough patch, sliding 3% in the last 24 hours to stand at a modest $0.00008443. While it’s common knowledge that crypto markets witness wild fluctuations, the 42% dip since the start of the year for LUNC seems unusually hefty in contrast to other major tokens like BTC, which has climbed 83% since January.
The bleak tale of LUNC’s fortunes can be traced back to the flagging momentum for re-pegging the associated USTC stablecoin to the US Dollar. A successful execution of this re-pegging could potentially catapult LUNC’s price to remarkable high, yet progress seems to be at a standstill. Thus, many traders are shifting their gaze to more hopeful ventures like the Thug Life Token (THUG). Its successful presale has left crypto enthusiasts buzzing about its potential.
Data from TradingView indicates that LUNC is in a vulnerable position with its relative strength index plunging towards 30 and potentially soon hitting 20. The 30-day moving average also exhibits signs of weakness, falling below the 200-day average. The crypto’s sagging support level suggests that LUNC may be unable to shield itself against further losses in coming days.
It further unfolds that LUNC’s struggles are exacerbated by the Terra Luna Classic community’s struggles to bolster its price. The community has recently agreed to a proposal to model and simulate a mechanism for incrementally re-pepping USTC through buybacks. Unfortunately, neither this proposal nor an earlier one for a testing environment has managed to steer USTC or LUNC toward regaining their former glory.
Hope may not be entirely lost, though. There’s significant excitement in the market for the upcoming THUG, an ERC-20 meme token that’s making waves by boldly aligning with the gangsta rap and hip-hop communities. Its recent presale raised a formidable $400,000, a strong indicator that it’s off to an impressive start in assembling a supportive community.
The THUG presale offers a single stage, with an ample 70% of the token’s supply (4.20 billion to be precise) reserved for it. Investors might find the significant allocation for the presale reassuring, diminishing the risk of a massive dump. Yet, its hard cap of $2,058,000 means interested traders need to be prompt to snag some THUG before the presale concludes. With a price tag of $0.0007 per token, THUG holds the potential of being a bargain, especially when it lists on exchanges in the imminent weeks.
Source: Cryptonews
