The world’s largest crypto exchange Binance to burn Terra Luna Classic (LUNC) tokens in its twenty first batch of the LUNC burn mechanism on Wednesday. Binance has continued supporting the group for Terra Luna Classic revival since 2022 through its month-to-month LUNC burn mechanism and hasn’t stopped it even after founder Changpeng “CZ” Zhao stepped down as CEO of the alternate.
Binance to Burn Billions of Terra Luna Classic (LUNC) Tokens
Crypto alternate Binance has burned over 57 billion Terra Luna Classic (LUNC), accounting 51.9% of the full LUNC burned by the group. In the twentieth LUNC burn mechanism, burned 4.17 billion Terra Luna Classic (LUNC) tokens. The alternate burned 4.17 billion in buying and selling charges on LUNC spot and margin buying and selling pairs value $722,630 as buying and selling volumes elevated considerably in March.
However, every day LUNC buying and selling quantity has dropped this month amid the market-wide drop in crypto costs and buying and selling volumes. In March, LUNC noticed huge buying and selling volumes of over $100 million every day, with costs rallying previous the $0.0002 stage. In April, the typical every day buying and selling volumes have been $30 million and costs have dropped to $0.0001. The market cap has additionally dropped from over $1 billion to underneath $600 million in a month.
The buying and selling volumes are even decrease than February, indicating a large drop in LUNC burn. The twenty first batch of Binance LUNC burn can be for the interval between March 31 to April 29, with no main enhance in buying and selling volumes till now. Thus, Binance is probably going to burn between 1 billion to 1.5 billion LUNC tokens on May 1.
Also Read: Terra Classic Proposal “Restore IBC To Kujira” Officially Passes, LUNC Futures OI Jumps 10%
LUNC Price Prediction
LUNC price jumped 3% this week, with the value at the moment buying and selling at $0.0001055. The 24-hour excessive and low are $0.0001018 and $0.0001105, respectively. Moreover, buying and selling quantity decreased barely within the final 24 hours.
Moreover, Terra Luna Classic (LUNC) and 1000LUNC futures open curiosity stay low in the course of the weekend and open curiosity has dipped throughout exchanges within the final 24 hours, as per Coinglass.
In the decrease timeframe, LUNC worth continues to be buying and selling above the 6-week descending trendline and is predicted to proceed in sideways motion till a broader crypto market restoration. This will break the assist flip resistance stage (purple) to carry an upside momentum within the LUNC worth.
Trading quantity and derivatives buying and selling are key elements to observe for additional worth motion within the coming days. Experts reminiscent of Arthur Hayes predicted a rebound within the crypto market, however underneath a situation.
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