- Binance conducts a surprise LUNC burn ahead of June’s batch.
- Terra Luna Classic carries on trading at a win-or-break support.
- LUNC staking ratio hints at a switch in LUNC investor sentiment.
Terra Luna Classic (LUNC) receives continuous support from Binance, the leading crypto exchange by trading volume. Whilst the ordinary LUNC burns are conducted every month on the first day, Binance decided to up the ante and perform an additional LUNC burn procedure.
Binance Stands Out as Top Burn Contributor
According to the blockchain records found on TerraFinder, Binance blazed an extra 29,828 LUNC tokens on May 23, 2024. After this unexpected deed, the leading exchange’s total LUNC burns piled up to 59.07B tokens. Converting to fiat, the 59.07B LUNC sums up to a whopping $6,556,080 blazed by Binance since the start of the initiative.
After the extra LUNC burn, Binance now accounts for 52% of all burns, totaling over 113 billion as of press time. Meanwhile, Terra Classic’s community has also contributed towards burning the embattled altcoin, with the most notable contributions coming from the TerraPort Finance platform and TerraCasino.
Collectively, the two projects building on Terra Classic’s chain have blazed 282 million LUNC coins, leaving the remaining Terra Classic supply at 5,763,428,019,417.
Can LUNC Bank on Ether ETF Approval News?
As many crypto traders are expecting an incoming altcoin season due to the inaugural Ether Spot exchange-traded funds (ETFs) being approved last night, the positive price outbreak is yet to come. Most alternative cryptocurrencies succumbed to a sharp market correction on Friday, with Terra Luna Classic not being an exception.
LUNC slipped by 2.5% over the past 24 hours, continuing to trade in a historically decisive price range, highlighted by WSB Trader Rocko. Currently sitting at $0.0001111, LUNC potentially aims for a price breakout at this historically favorable support level, which previously produced bull runs for LUNC.
Dating back to November 2023, Terra Luna Classic’s price breakout had seen LUNC soaring from $0.00001111 to $0.00025813, claiming a yearly high after a 300% bull run. This year, a similar LUNC breakout went off at the same position on February 6, 2024, boosting the Layer-1 coin’s price to a year-to-date top at $0.00020383 on March 6, 2024.
If the price trend reverses yet again, Terra Classic’s northward potential highly depends on the trading volume in both Spot and Derivatives, while the currently expanding Bollinger Bands hint at looming LUNC price fluctuations. Terra Classic’s Chaikin Money Flow (CMF) index points to a positive record of 0.32, meaning that there’s a renewed interest in the token among high-rolling traders.
On the Flipside
- The latest on-chain data shows a rapidly rising staking ratio. According to LUNC Staking Bot, the total supply now consists of 995,333,855,059 coins, which encapsulates 15.13%.
- With over 15% of LUNC tokens locked out of circulation, this represents a shifted sentiment among investors who see Terra Classic as a long-term investment or store of value.
Why This Matters
Community-focused initiatives to burn cryptocurrency can create long-term benefits by making the digital asset scarce, thus potentially maintaining a healthy market value.
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