Terra Classic Delegates 30M LUNC Tokens to Hexxagon.io
The Essentials at a Glance
The Terra Classic Foundation recently delegated 30 million LUNC tokens to hexxagon.io to support the development and operation of Galaxy Station and Galaxy Finder. This action increases the total number of delegated tokens to an impressive 930 million. Despite this significant delegation, the market for LUNC tokens remains bearish, with a current trading price of $0.0000801 and a decrease of 0.70% in the last 24 hours.
Impact of Delegation on the Market
The delegation of large amounts of tokens can have both short and long term effects on price development. Although such a delegation signals trust and confidence in the network and could potentially attract investors, the market sentiment around LUNC remains bearish according to AMBCrypto analysis. A look at the Directional Movement Index and the Aroon line shows a strong downward trend, and data from Coinglass indicate a decrease in open interest in the last seven days.
Future Prospects for LUNC
Despite the potential economic impacts of the 30 million token delegation, LUNC remains in a downward trend. The question remains open as to whether the market correction following this delegation can lead to a price increase. If the bearish trend continues, LUNC could break through key support levels, but there is also the possibility of a recovery if the market reacts positively to the delegation.
Our Assessment
The delegation of 30 million LUNC tokens by the Terra Classic Foundation is a significant step towards supporting and developing the Terra Classic ecosystem. Although this action strengthens confidence in the network, the current market analysis shows that there are still challenges to be overcome in order to achieve a positive price development. Investors and interested parties should closely monitor developments and adjust their strategies accordingly.
Sources
– TradingView
– Coinglass
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