- The leading crypto platform, Binance, now accounts for over 52% of LUNC burns.
- Overall Terra Classic burns scorch past 100 billion, reducing circulation to 5.777T.
- Despite a rise in demand, LUNC’s combined liquidity book is dominated by sells.
Binance, the globe’s largest cryptocurrency exchange by trading volume, has set ablaze another 2.2 billion Terra Luna Classic (LUNC) tokens in its 18th burning ceremony. This time, Binance incinerated 2,243,572,668 LUNC coins from relevant Spot trading pairs.
Following the news, Terra Luna Classic’s community rejoiced over the 100B LUNC burned milestone. Prominent Terra Classic community members thanked Binance’s previous and current CEOs, Changpeng ‘CZ’ Zhao and Richard Teng, for their continuous effort to revive the Layer-1 chain.
However, the reduced supply of LUNC is yet to reflect on the coin’s price movement, as LUNC faced a gradual market correction this Friday. While Terra Classic’s curve continues to perform sideways, it’s important to note that the reduced supply rarely immediately affects the cryptocurrency’s dynamics.
100B LUNC Destroyed: Will Terra Classic Rise from the Ashes?
The latest burning ceremony by Binance has sparked optimism among Terra Classic community members, who are contributing to the coordinated mission of reducing LUNC’s supply in smaller sums. For example, members have burned approximately 400 million Terra Classic tokens every week in February.
LUNC trades at $0.000141, with a 6% crypto market correction in the last 24 hours. Despite meeting spring in the deficit, LUNC had a substantial weekly run, claiming a 15% increase over the previous seven days.
If February’s bullish trend persists, LUNC could reclaim a TOP 100 spot by global market cap. Currently encircling a $814M market cap, LUNC Terra Classic is heading towards restoring the $1 billion market capitalization range, last seen on December 15, 2023.
On the Flipside
- The blazed amount of LUNC on March 1, 2024, is significantly less than the previous burning campaign, with 5.59B Terra Classic tokens destroyed.
- LUNC’s 24-hour combined liquidity book shows a $4.86M worth of LUNC in pending sells, heavily outweighing the $2.52M in cumulative pending buys.
Why This Matters
The combined effort of Binance and Terra Classic community to revitalize a once-thriving blockchain has already induced several double-digit rallies.
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