As a researcher with experience in the crypto market, I’ve closely followed Binance’s support for Terra Luna Classic (LUNC) through its monthly burn mechanism since 2022. The exchange has burned over 57 billion LUNC tokens, accounting for more than half of the total LUNC burned by the community. Despite founder Changpeng “CZ” Zhao stepping down as CEO, Binance’s commitment to supporting the Terra Luna Classic revival hasn’t wavered.
Binance, the largest cryptocurrency exchange globally, will carry out the 21st round of burning Terra Luna Classic (LUNC) tokens in accordance with its monthly mechanism on a Wednesday upcoming. Since 2022, Binance has been advocating for the restoration of Terra Luna Classic by implementing this burn mechanism regularly, even after Changpeng “CZ” Zhao, the exchange’s founder and former CEO, stepped down from his position.
Binance to Burn Billions of Terra Luna Classic (LUNC) Tokens
Binance, the popular crypto exchange, has incinerated approximately 57 billion Terra Luna Classic (LUNC) tokens. This represents a significant 51.9% of the total tokens burned by the community through the LUNC burn mechanism. In the most recent burn event, which was the 20th, Binance eliminated 4.17 billion LUNA tokens. These tokens were eliminated as trading fees on LUNC spot and margin trading pairs that amounted to $722,630 during March’s substantial volume surge.
LUNC’s trading volume has significantly decreased this month, with an average of only $30 million daily, compared to the over $100 million in March. This decline comes as the overall crypto market experiences price drops and reduced trading activity. In March, LUNC saw surges in trading volumes and prices reaching above $0.0002, while prices have now dropped to around $0.0001. The market capitalization has also shrunk from over $1 billion to under $600 million within a month.
The trading activity for LUNC has decreased significantly since February, resulting in substantially lower trading volumes. Consequently, the upcoming Binance LUNC burn event, scheduled from March 31 to April 29, is expected to see the burning of approximately 1 billion to 1.5 billion tokens on May 1. The lack of notable trading volume growth before this period implies a substantial reduction in LUNC token burn.
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LUNC Price Prediction
This week, the price of LUNC has risen by 3%, now standing at $0.0001055. The highest and lowest points in the past 24 hours were reached at $0.0001018 and $0.0001105 respectively. Additionally, there was a slight reduction in trading volume over the last day.
Additionally, according to Coingecko’s data, both Terra Luna Classic (LUNC) and 1000LUNC futures have relatively low open interest during weekends. In the previous 24-hour period, the open interest for these contracts has decreased across various exchanges.
As an analyst, I’ve observed that LUNC‘s price action in the shorter timeframe remains above the 6-week downward trendline, indicating a sideways trend. However, this sideways movement is likely to persist until there is a significant recovery in the broader crypto market. Once this recovery occurs, the support level (marked red) will be broken, leading to an upswing in LUNC’s price.
Keeping a close eye on trading volumes and derivatives markets is essential for understanding potential price developments in the cryptocurrency market over the next few days. Noted experts like Arthur Hayes anticipate a market recovery, yet only under specific circumstances.
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2024-04-27 17:54