Binance Whale Stakes 1.3 Billion LUNC: What It Means for Investors

The Terra Luna Classic community is experiencing a surge in its staking ratio, nearing a new milestone. The staking ratio has reached 15.13%, just shy of its all-time high of 15.16%, as community members continue to stake large amounts of LUNC on the chain.

According to StakeBin, over 1.025 trillion LUNC tokens have been staked on the network, driven by massive delegations to validators.

Staking ratio on terra classic is back above 15% 🎉 pic.twitter.com/KfggxMNvuW

— Terra Classic Foundation (@TCF_Terra) July 6, 2024

Mr. Diamondhandz1, a prominent community member and owner of the LuncLive validator, reported a new all-time high with over 21 billion LUNC staked. A single transaction from a Binance wallet, valued at $90,000, contributed 1.3 billion LUNC to this surge.

LUNC’s price has seen a modest increase. As of press time, Terra Luna Classic trades at $0.00007733, with a 24-hour trading volume of $14,781,009. This reflects a 4.20% increase over the past day and a 14.11% rise over the past week.

Although LUNC failed to surpass the $0.000072 level, the community remains optimistic about potential upward momentum as the crypto market recovers and Terraform Labs (TFL) continues to burn tokens.

A technical analysis of LUNC against USD on the OKX exchange, displayed on a daily time frame, shows the price action from March to mid-July. The current price is $0.00007553, with a slight daily increase of 0.67%.

The trading volume for the day stands at 5.283 million LUNC. The chart highlights a consolidation phase with price fluctuations within a narrow range, following a downtrend observed in April.

Key technical indicators, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), offer further insights. The MACD shows slight bullish momentum with the MACD line above the signal line, though still below the zero line, indicating overall bearish conditions.

Source: TradingView

The RSI is at 44.75, suggesting the asset is neither overbought nor oversold but leans towards oversold territory. This RSI value indicates a consolidation phase with the potential for a price reversal if buying interest increases. The MACD histogram reflects a slight bullish divergence, which could signal the beginning of a trend change if sustained.

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