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Serving as a LUNC validator, Lunanauts recently shared a plan to create more support for the LUNC cryptocurrency following a decision by the community. The announcement made on Monday was met with significant interest in the broader crypto market amidst a drop in token price.
The LUNC token, supported by the Terra Classic community after the downfall of the main company, caught the attention of global crypto traders and investors about a month ago due to its significant price performance in the crypto space. In addition, the current price drop on the token side reflects a different manifestation of market sentiments.
PancakeSwap Requests Seed Injection
According to an announcement by LUNC validator Lunanauts, PancakeSwap is preparing to take a significant step. It plans to make a $100,000 seed investment to create a pool covering LUNC and BNB Chain. This could create a fluctuation that might attract exchange traders while being seen as a step for investors to minimize their losses.
Furthermore, the announcement clarified how LUNC will be automatically listed for token purchases without any requirements after being added to the PancakeSwap list. Meanwhile, the community also seems excited. The announcement made today, December 18th, aims to create opportunities for the Terra-backed token.
Despite the community’s ongoing efforts to support LUNC tokenomics, today’s price movement has moved downward, increasing rumors among crypto market enthusiasts.
LUNC Price Drops
As of writing, the LUNC price has experienced a significant 9% drop in the last 24 hours and is currently at $0.000148. Moreover, the token’s weekly decline indicates a rate of 19.77%.
The atmosphere of decline around the token emerges despite positive developments in the LUNC cryptocurrency. Moreover, despite the announcement of an upcoming partnership with a significant institution like PancakeSwap, the price remains on a downward trend in the broader market, causing investor unease.
Meanwhile, as we mentioned in the past hours, the Terra Classic community has also canceled a significant burn plan that included the burning of 800 million TerraClassicUSD (USTC). This situation seems to have further accompanied the downward price movement recorded by Terra Classic-backed tokens today.
