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LUNC Socials Exploding Might Be Sign of Imminent Dump, Here's Why

Mon, 09/26/2022 - 15:58
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Gamza Khanzadaev
LUNC record social activity might become omen of its dump
LUNC Socials Exploding Might Be Sign of Imminent Dump, Here's Why
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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%.

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 a large number of unsophisticated investors eager to get into the project as soon as they see LUNC's current growth prices, those speculators who have been pushing the token's price since August could easily use them as exit liquidity.

LUNC Price Plunges 19% as Interpol issues Red Notice for Do Kwon

Do Kwon and Changpeng Zhao

Such an explosion of activity around LUNC on social networks is of course 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 around the world.

Then, a couple of hours later, it was revealed that Binance, the global cryptocurrency exchange and holder of a trillion in LUNC liquidity, would introduce a long-awaited token-burning mechanism through trading commissions collected by the exchange.

LUNC Price Skyrockets 25% in 5 Minutes as Binance Announces Major Update on Burning

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.