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Home»ALTCOIN NEWS»Binance’s LUNC burn hit 59B as Terra Classic fell further.
ALTCOIN NEWS

Binance’s LUNC burn hit 59B as Terra Classic fell further.

By Crypto FlexsMay 26, 20243 Mins Read
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Binance’s LUNC burn hit 59B as Terra Classic fell further.
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  • Binance will conduct a surprise LUNC burn ahead of the June deployment.
  • Terra Luna Classic continues trading with win or break support.
  • LUNC staking ratio suggests a change in LUNC investment sentiment.

Terra Luna Classic (LUNC) continues to receive support from Binance, the leading cryptocurrency exchange by trading volume. A typical LUNC burn is performed on the first day of every month, but Binance has decided to conduct more LUNC burn procedures.

Binance Stands Out as Top Burn Contributor

According to blockchain records found on TerraFinder, Binance burned an additional 29,828 LUNC tokens on May 23, 2024. After this unexpected move, the total LUNC burned on major exchanges reached up to 59.07 billion. Converted to fiat, 59.07 billion LUNC amounts to a whopping $6,556,080 invested by Binance since the start of the initiative.

After additional LUNC burns, Binance now accounts for 52% of all burns, with a total burn of over 113 billion at press time. Meanwhile, Terra Classic’s community has helped burn embattled altcoins, with the most notable contributions being the TerraPort Finance platform and TerraCasino.

In total, the two projects built on the Terra Classic chain poured in 282 million LUNC coins, bringing the remaining Terra Classic supply to 5,763,428,019,417.

Learn more

Can LUNC Bank participate in the Ether ETF approval news?

Positive price gains are yet to come, as many cryptocurrency traders are expecting altcoin season to kick off following last night’s approval of the first Ether Spot exchange-traded fund (ETF). Most alternative cryptocurrencies succumbed to sharp market corrections on Friday, and Terra Luna Classic was no exception.

LUNC is down 2.5% in the last 24 hours and continues to trade in a historically decisive price range highlighted by WSB Trader Rocko. Currently, LUNC is sitting at $0.0001111 and is targeting a price breakout from the historically favorable support level that previously created a bull market for LUNC.

Back in November 2023, the price breakout of the Terra Luna Classic caused LUNC to surge from $0.00001111 to $0.00025813, marking a 300% post-bull market yearly high. This year, a similar LUNC breakout occurred at the same location on February 6, 2024, pushing the price of the layer 1 coin to a yearly high of $0.00020383 on March 6, 2024.

If the price trend reverses again, Terra Classic’s upside potential will largely depend on trading volume in both spot and derivatives, and the currently widening Bollinger Bands suggest that a LUNC price move is coming. Terra Classic’s Chaikin Money Flow (CMF) index points to a positive record of 0.32, indicating renewed interest in the token among high-value traders.

On the flipside

  • Looking at the latest on-chain data, we can see that staking rates are rising rapidly. According to the LUNC staking bot, the total supply currently consists of 995,333,855,059 coins, which accounts for 15.13%.
  • With more than 15% of LUNC tokens out of circulation, this indicates a change in sentiment among investors who view Terra Classic as a long-term investment or store of value.

Why This Matters

Community-driven plans for cryptocurrency burning can create long-term benefits by making digital assets scarce and potentially maintaining healthy market values.

Check out the latest cryptocurrency news on DailyCoin:

DOGE and SHIB Communities Mourn the Death of Meme Icon Kabosu
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