Suspicious LUNC gathering continues, what’s behind it? Crypto Market Review, December 26

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Arman Shirinyan

The market does not seem to bring more traction before the new year

The end of one of the worst years for the cryptocurrency market is near. Unfortunately, 2022 did not bring us any good Christmas surprises, and the majority of crypto assets are still stalled or down.

LUNC moving up

The proposal to bring some L1 devs back to the project to complete some asset-related tasks still pulls Luna Classic up. However, investor sentiment remains mixed after the team behind it failed to make the burning mechanism work.

Source: Trading View

Despite all the talk and marketing the current managers are pushing, the asset is still trading 74% below its ATH reached in September. The original LUNA’s HUD removal is way above the number we’ve named.

Unfortunately, it is too difficult to say how long the failing token will be able to stay afloat, but the risks involved are far greater than the reward it could bring in the future. Those who entered LUNC during registration will have to expect a price increase of 180% from the current price level.

Ethereum Emission Peak

While Ethereum’s price performance is relatively stable in the market, things happening in the background show how miserable the whole network is at this point: Ether issuance has skyrocketed and supply issuance since the merger hit an all-time high of 4,160 ETH. The same value less than a week ago was around 2,500 ETH.

A noticeable spike was caused by plummeting activity on the network. During the Christmas holidays and before the New Year, investors tend to leave the market and spend time with friends and family, which directly affects activity on all blockchain networks.

According to Ultrasons.money, Ethereum’s network fees are currently 10 Gwei, which is considered below average. Low network transaction fees and rising emissions also confirm plummeting network activity.

Unfortunately, we are unlikely to see the recovery of the industry’s second most important asset until next year. At press time, Ethereum is trading at $1,220, gaining more than 4.7% in value since hitting the local low last week.

Ethereum’s volatility follows Bitcoin, with the asset’s price moving at the same level for six days.

DOGE fell asleep

Low market volatility and non-existent demand for risky assets led to a new negative record for Dogecoin. The market saw the lowest trading volume in the asset since October, and the reasons are unchanged as coins and even tokens are not in demand.

As the market enters holiday anemia, Dogecoin and other assets that require a steady influx of trading volume and speculation will most likely test new local lows before rallying in January.

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

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