Here’s Why Terra Classic (LUNC) and Terra (LUNA) Prices Fell 10%

Terra Classic (LUNC) and Terra (LUNA) prices fell more than 10% in the last 24 hours. The Terra Luna Classic community believes that the selloff happened in response to the community rejecting prominent member LUNC DAO’s proposal to lead the chain and influencer Classy Crypto selling his validator to LUNC DAO. While it will impact the community’s sentiment, these are not the exact reasons for a selloff.

Terra Luna Classic Price Fell Amid Broader Crypto Market Selloff

Crypto exchange Binance’s announcing shut down of its crypto payments service amid plans to refocus on core products caused a sudden selloff in the broader crypto market.

Last week, the Terra Luna Classic community voted to reject a poll to make LUNC DAO a leader of the chain and choose governance. After LUNC and LUNA prices fell 10%, LUNC DAO said whales are responding to community disobedience of him by dumping prices.

Classy Crypto, who sold his Classy’s Sphere validator to LUNC DAO for $10k, cleared the air that he didn’t dump his entire LUNC holding. However, he believes that LUNC DAO is selling LUNC tokens. Meanwhile, the community members committed to the chain is buying LUNC tokens from the dip.

Stablechen and LUNC DAO are trying to take control of Terra Luna Classic and the community is fighting against it. However, selloff by whales is a big concern for the LUNC community.

Read More: Bitcoin BRC-20 Bridge Coming To Terra Luna Classic, LUNC & USTC To $1?

LUNC and LUNA Prices Collapsed

LUNC price currently trades at $0.000069, down 10% in the past 24 hours. The 24-hour low and high are $0.0000646 and $0.0000778, respectively. However, the trading volume has increased by 150% in the past 24 hours.

USTC price also fell 8% in the past 24 hours, with the price currently trading at $0.014. The USTC repeg narrative is slowly fading amid uncertainty.

Meanwhile, Terra (LUNA) price dropped more than 10% in 24hrs, with the price currently trading at $0.49. However, trading volume increased by 70% in 24hrs.

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