Bybit Issues LUNC Delist Warning, Rattling Community
The community demands an explanation for the decision.
Terra Luna Classic dives 4% after a double-digit rebound. The struggling Terra Luna Classic (LUNC) altcoin takes another hit as Bybit, one of the largest centralized exchanges, puts a warning label on one of the related Spot pairs. Initially, Turkish customers reported the issue, followed by residents in other areas. Bybit’s official warning is classified as ‘Special Treatment,’ which may result in LUNC being delisted.Bybit to Delist Terra Luna Classic?The quality control was imposed on LUNC/USDC, but the warning label does not extend to the other trading pair, LUNC/USDT. Moreover, the possible delisting does not impact Terra Classic USD (USTC), as the USTC/USDT pair remains under regular operation.With a trading volume of $49,811,788 in the latest 24-hour period, LUNC trades on Bybit take up just 1.19% of all trades, while Binance takes the lion’s share of above 30% of LUNC trading volume on centralized exchanges (CEXs).Where’s LUNC Heading Next?Trouble comes in threes for LUNC, as the Layer-1 altcoin was recently delisted by eToro and Gemini. Bybit’s likely delisting would further reduce the coin’s trading accessibility. Ultimately, this would make Binance the leading platform with most LUNC trades and burns.Technically, LUNC flashes a positive sign with a 0.10 score on the Chaikin Money Flow (CMF). When it stays above zero, the indicator hints at returning large holder activity, while a negative CMF index shows weak buying pressure or lack of trader interest. Moreover, the Awesome Oscillator (AO) alludes to growing market momentum with a growing positive rate since 21 August 2024.Despite these positive implications, LUNC plummeted by 4% in a daily timeframe, now trading at $0.00008808. This is backtracking from the monthly top of $0.00009494, achieved in the early hours of August 26, 2024. LUNC remains under a $500 global market cap; the 14.20% price appreciation over the past seven days demonstrates strong resilience against multiple centralized exchanges delisting LUNC.On the Flipside While Terra Luna Classic (LUNC) is separated from the founding company TerraForm Labs, Terra’s bankruptcy case in the U.S. could affect LUNC.
Several Terra Classic chain validators have asked Bybit’s Turkish customer service for an explanation, but the exchange’s staff has not commented. Why This MattersAn ‘ST’ label indicates a high chance of the coin’s delisting, in which case traders are given a timeline to withdraw funds. Token management rules can extremely differ across platforms, as crypto exchanges have subjective listing criterias. Sponsored Explore DailyCoin’s trending crypto stories:Bitcoin Leads Crypto Funds’ Inflows with $543M Amid Rate Cut ExpectationsWhy Fears of Ethereum’s Demise Are Greatly Exaggerated: Coinbase