In a dynamic turn of events, Terra Luna Classic (LUNC) price extended its weekly loss to over 10% on Tuesday, sparking concerns among investors globally.
Terra Luna Classic (LUNC) price faced immense selling pressure this week, leading to a double-digit loss. Several factors might be responsible for this downturn, including the draining of wallets and shifting of funds to exchanges. Here’s a closer look at some potential reasons behind the current slump in LUNC price.
According to an official X post by the Terra Luna Classic community, a large amount of LUNC funds were being drained from wallets and shifted to exchanges. The transfers from individual wallets to exchange hot wallets, such as Binance, Bitkub, Kraken, and Cryptex, have been observed to be high. This has led to market-wide speculation as the exchange supply for the asset increases.
The recent transfers, each exceeding 1 billion tokens, were first credited to Cryptex’s wallet and then shifted to other exchanges. Several factors might be influencing this movement.
Chinese AI Startup DeepSeek’s Impact On Markets
The recent rise of the open-source Chinese AI startup DeepSeek has had a major influence on global tech markets. Several major stocks, including Nvidia, Microsoft, Meta, and Alphabet, among others, faced significant tanking.
This bearish trend led to a broader market selloff, with the crypto sector also taking the heat. LUNC price tanked alongside renowned assets such as BTC, ETH, and others in recent days as investors took a cautious stand.
Consolidation During Shift Of Funds
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