Burns vs. New Wallet Addition: What Moves LUNC More?

Terra Luna Classic’s (LUNC) monthly burn practice continues to bear fruit in support of Binance. The largest crypto exchange around the globe by trading volume just eliminated another 334 million Terra Luna Classic (LUNC) tokens, contributing to the community’s deflationary efforts.

Cumulative Luna Classic Burns Approach 90 Billion

The latest token burning ceremony has pushed the overall Binance LUNC burn count towards 90 billion. But there’s still a long way to go – there’s still 5.52 trillion Terra Luna Classic tokens in circulation, dropping nearly 1 trillion from the original 6.42 trillion, on-chain records show. Some community trackers put this figure at a lower threshold due to skipping a lot of the fee-tax flow.

Here’s how it works: trading fees generated on Binance get converted and burned every single month. That’s steady, consistent supply reduction that compounds over time and gradually reduces the game-tested altcoin’s over-minted status. But the demand is another story.

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Terra Luna Classic’s latest few network upgrades haven’t been able to lift the stagnant trading volumes. During mid-May last year, Terra Luna Classic’s  v4.0.1 mainnet software upgrade was sold as a stability bump, but the volume plummeted from hundreds of millions to tens of millions days after the installation.

LUNC Price Bounces Softly On Wallet Integration

Following months of stagnation ecosystem-wise, Terra Luna Classic’s (LUNC) community just received a long-awaited boost in terms of adoption. Guarda, a popular self-custodial crypto currency wallet, just announced the addition of Luna Classic’s blockchain to their ecosystem, meaning that HODLers are able to keep LUNC safe with their own private keys.

Meanwhile, Binance’s recent efforts to speed up LUNC’s revival just made it to the next level. The largest exchange around the globe decided in August to renew both LUNC deposits & withdrawals, capturing some of the trading activity that’s fashionably transitioned to the DeFi section of the cryptosphere. Following the news, LUNC inked 1% gains to trade at $0.0000509.

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