LUNC record social activity might become omen of its dump
Social engagement and daily mentions of LUNC broke a three-month record, according to LunarCrush, a social media analytics portal that tracks activity around cryptocurrencies.
Reaching the 9,550 daily social media mentions mark, the total for LUNC was 71,094 in the last 90 days. At the same time, LUNC’s social engagement reached the 89.34 million mark. According to the source, social engagement has increased by 86.33%, and LUNC’s social media dominance has increased by 47.23%.
The #terraclassic community is at it again today🚀
Let’s take a look at today’s social activity 🔥. $LUNC social mentions measured hourly hit 9.55K, the highest point in the last 90 days.
Social dominance +47.23%
Social engagements +86.33%
— LunarCrush (@LunarCrush) September 26, 2022
While the explosive rise in LUNC quotes seems harmonious, following recent news about the project, such price perturbations – 50% or more per day – could turn into a dump. With many unsophisticated investors eager to get into the project as soon as they see LUNC’s current growth prices, those speculators pushing the token’s price since August could easily use them as exit liquidity.
Do Kwon and Changpeng Zhao Such an explosion of activity around LUNC on social networks is, caused by recent events around this notorious project. Thus, exhibiting unusual volatility recently, LUNC quotations have risen and fallen at double-digit rates in recent weeks. The latest was the one-day news of the issuance of a red notice from Interpol for the project’s founder, Do Kwon, to be caught and arrested in almost 200 countries worldwide. Then, a couple of hours later, it was revealed that Binance, the global cryptocurrency exchange holder of a trillion in LUNC liquidity, would introduce a long-awaited token-burning mechanism through trading commissions collected by the exchange.
- Do Kwon Has Been Added To Interpol’s Red Notice List, Binance Has Implemented A Burn Rate For LUNC
- The Seoul Courts Issued A Warrant For The Arrest Of Terra Co-Founder Do Kwon, LUNA Price Dumps 40%