LUNC's Suspicious Rally Continues, What's Behind It? Crypto Market Review, Dec. 26

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$LUNC is rallying while $ETH is plummeting due to spiking issuance, the end of the year we didn't expect

market is near. Unfortunately, 2022 did not bring us any pleasant Christmas surprises, and the majority of crypto assets are still in stalemate or moving downward.The proposal to bring some L1 developers back to the project to finish certain tasks tied to the asset is still dragging Luna Classic upward. However, sentiment among investors remains mixed after the inability of the team behind it to make the burning mechanism work.

Unfortunately, it is too difficult to tell how long the failed token will be able to stay afloat, but risks tied to it are far higher than the reward it may bring in the future. Those who grabbed LUNC at listing, will have to wait for a 180% price increase from the current price level.

Unfortunately, we are unlikely to see the recovery of the second biggest asset in the industry until next year. At press time, Ethereum is trading at $1,220, gaining more than 4.7% to its value since reaching the local low last week. The volatility of Ethereum is following Bitcoin, with the price of the asset moving on the same level for the last six days.The low volatility of the market and nonexistent demand for risky assets led to a new negative record for Dogecoin. The market witnessed the lowest trading volume on the asset since October, and the reasons are unchanged, as meme coins and tokens are not in demand.

Additional underlying metrics and indicators show that Dogecoin is currently moving in accordance with the rest of the market since interest in the meme asset has been low after Elon Musk stopped posting anything related to the asset and concentrated on his role as Twitter CEO.

 

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