- 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.
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.
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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