The asset had surged by over 7% despite a prevalent market-wide slump before hitting a roadblock.
Terra Classic (LUNC) is moving against the bearish trend witnessed within the broader market as it surges on speculative reports suggesting that America’s largest exchange Coinbase is looking to purchase over $200M worth of LUNC tokens. The asset’s relief rally has also been supported by Binance’s recent completion of the second airdrop round of LUNA tokens.
Binance Completes Second LUNA Airdrop Round
Binance completed the first phase of the Terra (LUNA) airdrop to holders of Terra Classic (LUNC) and TerraClassicUSD (USTC) on May 31, representing 30%, as reported by The Crypto Basic, with the community expecting the second round this month.
As promised, the second round was concluded today, as announced by Binance in a recent press release. Binance said, “it will carry out the remaining Terra (LUNA) airdrop distributions from December 2022 or June 2023 onward, where applicable. This will take place over a 24 or 48-month period.”
Rumors of a Coinbase LUNC Bulk Purchase
Rumors of a Coinbase LUNC purchase have also contributed to the recent price action. The LUNC camp is witnessing the spread of speculative reports on Coinbase, which claim that the American exchange has approved the purchase of $245M worth of LUNC, amounting to 1.8 trillion tokens against current rates. The rumor was first reported by an anonymous crypto influencer and Terra proponent on Twitter today, citing an internal source.
“JUST IN: Coinbase has just authorized the purchase of 245 million dollars in LUNC. Internal source says that on the 3rd to announce publicly #listing more off-chain burns,” the handle LUNC Moon claimed in a tweet.
JUST IN: @coinbase has just authorized the purchase of 245 million dollars in $LUNC. Internal source says that on the 3rd to announce publicly #listing more off-chain burns. 🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥🔥#Coinbase ✨✨✨✨✨#LUNCBURN #LUNCARMY #LUNC
— LUNC MOON (@LuncMoOon) December 22, 2022
While several proponents have summarily dismissed the rumor, others are hopeful for an official statement from Coinbase to confirm the claims. 1.8 trillion LUNC is over 30% of the current circulating supply of 5.9 trillion tokens, and the purchase would significantly support the asset’s price movement if it ever materializes.
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