Crypto exchange KuCoin on Friday undelegated all 48 billion Terra Classic (LUNC) tokens. The Terra Classic validator KuCoin has reduced its voting power down to 0.21% and is ranked 44th on the validator list. The Terra Classic community believes a dump may likely come next and the LUNC price will fall further.
Terra Classic influencer and YouTuber ClassCrypto in a tweet on December 30 revealed that validator KuCoin has undelegated all 48 billion LUNC tokens. KuCoin now ranks 44 on the validator list and has a voting power of 0.21%.
While no additional details are available on the reason behind the huge amount of LUNC undelegated, the community believes a dump may be coming soon. Some think the exchange might burn the LUNC tokens.
However, KuCoin released no announcement related to a single undelegation event. Therefore, it’s most likely part of the centralized exchange funds restructure. Also, KuCoin has yet to complete the second round of Terra (LUNC) airdrop to LUNC and USTC holders.
The FUD is again rising in the Terra Classic community as the reason remains unclear. Some are even withdrawing their LUNC tokens are transferring them to Binance.
Meanwhile, Proposal 11168 by Terra Classic core developers Edward Kim and Tobias “Zaradar” is under voting. It will form a “Joint L1 Task Force” team, which will look into the maintenance upgrades and L1 layer developments on the Classic blockchain.
Terra Classic (LUNC) price rallied nearly 50% in the last few days due to a breakout above the 3-month descending channel. However, a market-wide selloff and Binance temporarily suspending LUNC burn caused the LUNC price to fell back below $0.00015.
The LUNC price is currently trading at $0.000165. The 24-hour low and high are $0.0001454 and $0.0001518, respectively.
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