LUNC Coinbase News: As the Terra Classic community continues to burn LUNC tokens, rumors of Coinbase bulk purchases appear to be pushing up the LUNC price. The cryptocurrency stands out in the top 50 tokens with its daily price increase. This comes after cryptocurrency’s price drop on Wednesday in the wake of a massive sell-off in the market. The crypto market, in what appears to be a sign of broader negative sentiment, continues to recover from November losses.
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In this context, the price of Terra Classic (LUNC) continues to rise, an encouraging sign for the community. At the time of writing, the LUNC price stands at $0.0001374, up 5.48% in the last 24 hours, according to price tracking platform CoinMarketCap. This is significantly high compared to the daily low of $0.0001271. To put LUNC’s price pump in context, Bitcoin (BTC) and Ethereum (ETH) prices are up just 0.06% and 0.24% respectively.
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Buy Coinbase LUNC? Real or fake?
While the news is not officially out yet, the LUNC community is spreading word that Coinbase is buying $245 million worth of $LUNC. The following message is widely distributed on crypto Twitter:
“Coinbase has just authorized the purchase of $245 million in $LUNC. Internal source says that on the 3rd to publicly #listing to announce more off-chain burns.
If the Coinbase news turns out to be true, it could be great for the LUNC community. On Wednesday, Terra Classic validator Classy’s Crypto Sphere said it had burned about 13 million LUNC tokens. This brings the total LUNC token volume burned by the community to over 36.231 billion.
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