- The LUNC community recently passed a proposal to build a DeFi wallet.
- Terra Luna Classic reclaimed the major support level of $0.00008.
- Binance burns 1.4B $LUNC, now accounting for over 50% of burns.
The globally leading crypto exchange Binance conducted its 12th Terra Luna Classic (LUNC) burn. The latest burning ceremony has seen a tremendous 1.4B $LUNC tokens cremated in one transaction. This has decreased the circulating supply of the struggling altcoin to just 6.839 trillion.
The crypto giant reportedly accumulated $121,850 USDT last month on trading fees for LUNC. Binance reassured their commitment to burn 50% of these fees, thus enhancing the demand. In comparison, last month’s LUNC burning event accounted for 2.6 billion LUNC tokens destroyed.
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This time, the 12th Terra Classic burn by Binance on August 1st, 2023, resulted in 1,412,760,563 tokens sent to the eternal fire, but the effect on long-term price is yet to be determined. At press time, $LUNC trades at $0.00008061 with 2% daily gains, according to CoinGecko.
Terra Trader Projects 585% LUNC Run
Crypto trader Javon Marks pointed out a pair of major bullish divergences as $LUNC found the strength to restore the multi-year support levels post-burn.
If the $0.00008 key level maintains, Terra Classic might be heading for the northbound resistance line at $0.00058046, but this trajectory could be crossed out if $LUNC fails to withstand the ongoing bear pressure.
Certainly, the embattled Cosmos-based chain’s native token is yet to catch up with the social hype surrounding various initiatives by the Layer-1 Joint Task Force and USTC Quant Team.
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The ecosystem’s malfunctioning stablecoin $USTC inked 9% gains after Binance performed the latest burn. Even though it’s a far cry from the original peg, the Terra Luna community expects to onboard significant exchanges on the network revitalization plans this year.
On The Flipside
- The circulating supply of 5,808,051,710,109 indicates that another trillion Terra Classic is locked.
- Terra Luna Classic’s max supply is infinite, according to independent crypto price aggregator CoinGecko.
Why This Matters
Burning events are important to maintain the prices of native blockchain tokens.
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