PancakeSwap Requests Seed Injection For LUNC-BNB Chain Pool, LUNC Price Drops
Lunanauts, a validator associated with LUNC, has disclosed plans for a collaborative initiative aimed at enhancing support for the LUNC cryptocurrency. This announcement, made on Monday, garnered notable attention in the wider cryptocurrency market, coinciding with an observed decline in the token’s price.
LUNC, a token backed by the Terra Classic community, recently caught the eyes of crypto traders and investors globally as the token made significant advancements within the crypto space. However, the current drop witnessed by the token portrays market sentiments otherwise.
PancakeSwap Requests Seed Injection
According to the statement unveiled by the LUNC validator, PancakeSwap, a crypto exchange, is setting its sights on a $100K seed injection into the liquid pool to open up a pool between LUNC and BNB Chain. Moreover, as per the statement, LUNC is to be whitelisted on the frontend.
This comes as a step to mitigate traders’ losses as the exchange eyes a surge in traders flocking in.
Furthermore, the statement also enlightened how LUNC is to be automatically listed with no requirements for importing tokens once whitelisted. Meanwhile, the community hopes to build up support for the Terra-backed token with the aforementioned announcement, surfacing within markets today, December 18.
However, despite the community’s constant efforts to underpin the LUNC tokenomics, today’s price trajectory moved downwards, fueling speculations among crypto market fanatics.
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LUNC Price Plunges
As of writing, the LUNC price recorded a marginal drop of 0.88%% in the past 24 hours and is currently resting at $0.0001519. Moreover, the token’s weekly fall portrayed a 15.28% decrease.
The price drop seen by the token comes despite the gust of developments witnessed by the LUNC cryptocurrency. Moreover, amid announcing an upcoming partnership with PancakeSwap, the price remained bearish within the broader market.
Meanwhile, the Terra Classic community also rejected a significant burning proposal, encompassing the burning of 800 million TerraClassicUSD (USTC). This chronicle seems to have further accompanied the downward trajectory noted by the Terra Classic-backed tokens today.
However, with the aforestated collaboration the Terra community hopes to see a bump in LUNC and USTC prices in the near future.
Also read: Terra Luna Classic (LUNC) Community Rejects Key Burn Proposal, Here’s Why
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