...by 10.7% in the last 24 hours can be attributed to the following factors:
1. Internal Community Conflict: There are differences of opinion among Terra Classic community members regarding the direction and leadership of the network. For example, LUNC DAO proposed to lead the network, but did not gain widespread support. Additionally, allegations that prominent members such as Classy Crypto have sold their LUNC holdings add to the uncertainty.
2. Whales Selling: There are indications that large LUNC holders are making significant sales, which could push the price down. LUNC DAO stated that LUNC classic whales will dump tokens, which could destroy the value that has been built.
3. Increased Trading Volume: Despite the price drop, LUNC’s trading volume increased by 141% in the last 24 hours. This increase in volume may reflect a massive sell-off by worried investors, which contributed to the price drop.
4. Uncertainty Over Network Leadership: Discussions about the need for a CEO to lead the network, with names such as Binance CEO Changpeng Zhao being mentioned, have created speculation and uncertainty among investors. The debate has raised concerns about potential centralization and abuse of power, which could affect investor confidence.
The above factors create uncertainty and concern among investors, which contributes to the decline in LUNC prices. It is important for investors to monitor these developments and conduct a thorough analysis before making any investment decisions.