- The Terra Classic community has expressed concerns over the recent delisting of LUNC on eToro.
- There were calls for clarification from Terraform Labs CEO Chris Amani and eToro about the decision.
- Despite the delisting, both LUNC and USTC have seen price increases in the last 24 hours.
Discover why LUNC was delisted on eToro and how the Terra Classic community is reacting to the recent developments in the Terraform Labs bankruptcy proceedings.
Terra Classic Community Seeks Clarification on LUNC Delisting
The Terra Classic community is seeking an explanation from Terraform Labs CEO Chris Amani and eToro regarding the delisting of LUNC on the trading platform. This request follows users facing difficulties in trading LUNC amid the bankruptcy proceedings of Terraform Labs. The community asserts that Terraform Labs and Do Kwon had severed their ties with Terra Classic following the Terra-Luna crisis of 2022, leaving the management of the decentralized chain to the community itself.
LUNC Delisting Triggers Concerns Over Wider Market Impact
On the investment platform eToro, LUNC has been set to a ‘close-only’ status, affecting approximately 78,000 holders who are now unable to purchase LUNC. This action corresponds with Terraform Labs’ chapter 11 bankruptcy case developments. TFL has reportedly informed eToro that they still own LUNC, raising the prospect of further delistings on additional crypto exchanges. Influential community figures like VegasMorph and Mr. Diamondhandz emphasized that the Terra Classic chain is decentralized and managed independently by the community without TFL’s involvement, as confirmed by Do Kwon and TFL.
LUNC and USTC Prices Rise Amid Delisting Confusion
Interestingly, the delisting news has not adversely affected LUNC and USTC prices in the Terra Classic ecosystem. Despite the procedural hurdles, both assets have appreciated in value over the past 24 hours. LUNC’s price surged by 2%, currently trading at $0.00008699, with a recorded low of $0.00008276 and a high of $0.0000884 within the same period. The trading volume, however, experienced a 12% decline.
Price Action of USTC
Similarly, USTC saw a price increase of 5%, bringing its value above the $0.020 mark. The 24-hour low and high for USTC were $0.01874 and $0.02077, respectively, with trading volume spiking by 66% amid emerging TFL crypto loss claims. This upward trend suggests that investor sentiment remains cautiously optimistic despite the ongoing uncertainties surrounding the assets.
Conclusion
The Terra Classic community’s inquiry into the rationale behind LUNC’s delisting on eToro highlights broader concerns about the asset’s future positioning on other exchanges. While Terraform Labs’ bankruptcy proceedings complicate matters, the community remains steadfast in its management of the decentralized chain. Investors should closely monitor official statements from both Terraform Labs and eToro for further clarity. Meanwhile, the recent price movements of LUNC and USTC indicate that market dynamics continue to evolve, albeit amidst a backdrop of uncertainty.
