- Binance sets fire to 778 million LUNC.
- Terra Luna Classic (LUNC) inks 17% in the last two weeks.
- LUNC is hitting close to a key double neckline resistance.
This is significantly less than the 1.1 billion burned a month ago, as October had a bigger spot and margin trading activity on the blockchain. Decreasing developer activity on the Terra Classic Layer-1 blockchain added to the pressure, as the LUNC community is still in talks about a community-owned decentralized wallet.
Terra Classic community members and Binance have altogether set fire to 76 billion tokens, putting the total supply of the cryptocurrency at 6,831,289,837,070. Following the news, LUNC gained 5% but is still facing a 2.5% deficit in weekly terms.
How Close Is LUNC to Bullish Reversal?
Meanwhile, the Terra Classic crypto community requested Binance to perform a similar cryptocurrency burning procedure with Terra Classic USD (USTC). The malfunctioning stablecoin still hasn’t seen a major breakthrough after being de-pegged from USD in the notorious Terra Luna crash in May 2022.
On the technical charts, LUNC is now hovering towards the double neckline resistance at $0.00006622. At press time, LUNC trades at $0.00006488 with 5% gains in the last 24 hours, according to CoinGecko.
On The Flipside
- Crypto burning rarely gives instant price gratification unless carried out in massive amounts.
- The long-term scarcity and value of a coin largely depend on building on-chain and adoption cases.
Why This Matters
Top players in the crypto sphere are assisting in a crypto relief rally caused by several crashes in 2022, most notably Terra Luna de-pegging and the FTX ‘liquidity crunch.’
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