- Alongside monthly burns, Binance conducts 5 additional LUNC burns in September.
- The LUNC community awaits a grandiose LUNC burn from TerraForm bankruptcy.
- Despite a 10% upswing, Terra Luna Classic lags behind in one crucial metric.
Amidst the whirlpool of developments on Terra Luna Classic’s (LUNC) blockchain, Binance has decided to up the ante on its LUNC burns. So far, the main supporter of the Terra Classic burn has contributed 64.47 billion towards the initiative. Aside from their regular practice of burning 50% of accumulated LUNC trading pair fees on the first of the month, Binance orchestrated 5 more LUNC burns in September, 2024.
How Binance Burned Over $100K Of LUNC
The extra LUNC burns have sparked community optimism, as Binance garnered a sizable $97,229.23 in fees between July 31, 2024 and August 29, 2024. For the additional burn, 199,389 LUNC tokens were sent to the incinerator in 5 separate transactions. Meanwhile, LUNC members are upvoting a governance proposal to keep a $500 minimum deposit for new proposals, imposing an Oracle-based quality control mechanism.
However, the critically low trading volume poses a challenge to Terra Classic’s revival efforts. Currently sitting at $33,298,448 in a 24-hour window, this magnitude of trades is much smaller than competing altcoins inside the TOP 100 by global market cap. Nevertheless, LUNC is whipping up bigger trading volumes to Axie Infinity (AXS) or Mantra (OM), which have seen double-digit price appreciation in recent weeks.
Slow Volume Imposes Challenges On LUNC
As of today, Terra Luna Classic’s remaining supply is 6,774,134,294,251, with over 15% of the circulation staked. The game-tested altcoin’s price took upon small gains of 1.7% amidst the bullish Binance burning mechanism update. At press time, LUNC trades at $0.00008749. In order to erase a zero from its price, LUNC would have to pick up the pace in both Spot and Derivatives markets.
Despite a 128% increase in the 1000 times multiplied 1000LUNC smart contract on Derivatives, the overall trades on Derivatives are also below $50 million per day. Reclaiming a $500M market cap and up 10% over the past 30 days, Terra Luna Classic could potentially be spearheaded by the community’s initiative to up the LUNC burn tax rate, as the Tax2Gas mechanism is in development by Genuine Labs.
On the Flipside
- Aside from the Binance LUNC burns, the Terra Luna Classic community is looking forward to the LUNC burn imposed by the TerraForm Labs bankruptcy.
- The Chapter 11 bankruptcy forces TerraForm Labs to get rid of the remaining LUNC, LUNA & USTC digital assets to qualify for bankruptcy protection.
Why This Matters
Burning initiatives coordinated with major centralized exchanges can positively shift a coin’s dynamics, reducing a large chunk of the overprinted supply.
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