- Bybit has placed a warning label on the LUNC/USDC trading pair.
- The community demands explanation for these decisions.
- Terra Luna Classic fell 4% after a double-digit rebound.
The struggling Terra Luna Classic (LUNC) altcoin has taken another hit after Bybit, one of the largest centralized exchanges, put a warning label on one of its spot pairs. The issue was first reported by Turkish customers, and then by other regional users. The official warning from Bybit is classified as ‘special treatment’, which could result in LUNC being delisted.
Will Bybit delist Terra Luna Classic?
While the quality control has been imposed on LUNC/USDC, the warning label does not apply to the other trading pair, LUNC/USDT. In addition, since the USTC/USDT pair is still operating normally, the delisting will not affect Terra Classic USD (USTC).
With a trading volume of $49,811,788 in the last 24 hours, Bybit’s LUNC trading is only 1.19% of the total, while Binance has a large share of over 30% of the LUNC trading volume among centralized exchanges (CEXs).
What’s next for LUNC?
LUNC faces three problems. The Layer-1 altcoin was recently delisted by eToro and Gemini. The Bybit delisting will further reduce the coin’s trading accessibility. Ultimately, Binance will be the leading platform for LUNC trading and burning.
Technically, LUNC is showing a positive signal at 0.10 points in the Chaikin Money Flow (CMF). When it stays above 0, this indicator suggests that large holder activity is recovering, while when the CMF index is negative, it shows weak buying pressure or lack of interest from traders. In addition, the Awesome Oscillator (AO) is showing an increasing positive ratio since August 21, 2024, suggesting that market momentum is growing.
Despite these positives, LUNC has fallen 4% on the daily timeframe and is currently trading at $0.00008808. This is a setback from its monthly high of $0.00009494 reached on the morning of August 26, 2024. LUNC still has a global market cap of less than $500. The price increase of 14.20% over the past 7 days shows its strong resilience against several centralized exchanges that have delisted LUNC.
On the other side
- While Terra Luna Classic (LUNC) is a spin-off from its founding company, TerraForm Labs, Terra’s bankruptcy in the United States could impact LUNC.
- Several Terra Classic chain validators have reached out to Bybit’s Turkish customer service for clarification, but the exchange’s staff have not provided any comment.
Why this matters
The ‘ST’ label indicates that the coin is likely to be delisted, in which case traders will be given a timeline to withdraw their funds. Token management rules can vary greatly across platforms, as cryptocurrency exchanges have subjective listing criteria.
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