Binance Burns $922,000 worth of LUNC, What’s Next for Terra Luna Classic?

With over $450 million in trading volume in the last 24 hours, Terra Classic remains one of the most actively traded cryptocurrencies.

Binance today announced that a recent write attempt irreversibly deleted around 3 billion LUNC, or about $1 million.

Binance, the world’s largest cryptocurrency exchange, announced in late September that CEO Changpeng Zhao would pay a 1.2% transaction tax backdated to September 21.

The first LUNC write, which lasted from September 21st to October 1st, destroyed over 5.5 billion LUNCs, and the second LUNC write, which lasted from October 1st to October 8th, destroyed an additional 2.9 billion. it was done.

Binance lost over $3 million due to the burn, but most LUNC trades have taken place on the exchange’s platform since the news.

Efforts have been made to burn more LUNCs

Binance destroyed 8,588,471,344.33 LUNC by burning. This equates to $2,993,480,008.16 in US dollars.

With this announcement, the Terra Classic community doubled down its efforts to burn tokens, destroying nearly 18 billion tokens and another 10% of LUNC.

The burn was successful, but the coin’s price remains unpredictable, making it a favorite of traders and scalpers.

LUNC is down 2.5% from seven days ago, despite billions of tokens being removed from circulation.

Over the last 24 hours, the price ranges from $0,0002761 to $0.0002994, representing an 8% change.

LUNC volatility has been steadily declining since October, according to Messari data.

US Space Force and Terrain 2.0 (LUNA) Pump

The fact that USTC and Terra 2.0 have been active over the past day has made the waters of Terra Classic murky.

On Wednesday morning, the price of USTC, a new stablecoin created by Terraform Labs, recovered 25% to $0.0463 after peaking at $0.0621 (up 110% over seven days). .

Terra Classic (LUNC) was also up 11% in 24 hours, with trading volume up 150% to $640 million.

Tobias Andersen, Senior Developer and Blockchain Engineer at Bitcoin Suisse AG, advocated a re-pegging of the USTC, which caused a dramatic price spike.

There was another accusation of whale manipulation and pump-and-dump from the LUNC community.

A user named Bull.BNB on Twitter said: [Terra’s creator]ruined all of us, especially those who wanted to save LUNA.

“He created new tokens. Now we are supposed to trust them again, right?

“His chain is fake and he’s on the run. LUNC is why we’re here, not LUNA.”

Future Value of Terra Luna Classic Coin (LUNC)

There were five red candles for LUNC on the price chart. Will tomorrow’s trading session end in green, indicating a positive reversal?

In terms of technical analysis, the Terra Luna Classic shows bearish signs as the price continues to lower its highs. However, if LUNC is able to keep its price structure favorable, the low price may lend itself to accumulation and dollar cost averaging.

Compared to when LUNC was trading at $0.00059, the current price level is significantly healthier as measured by the daily Relative Strength Index, which is currently at 50.66.

The price action for Terra Luna Classic (LUNC) has formed a descending triangle, with low highs and a near-horizontal swing at the support, suggesting that the price may collapse soon. To prevent further losses, LUNC needs to find support at the $0.000291 level and stay there.

A turning point can occur when the resistance and support trendlines approach each other.

If the bulls can push the price of LUNC higher in the coming days, Terra Luna Classic could reach its previous high of around $0.000315. This gives us an increase of almost 8.19%.

Blockchain market in October is very optimistic. As a result, the cryptocurrency will rise and the price of Terra Luna Classic may rise to his $0.000373.

After the burn of Binance tokens, the burn of LUNC tokens also surged significantly. The higher the volume, the faster the pace of consumption, thus raising the price floor and increasing the likelihood of all-time highs as supply dwindles.

As a result of the positive news, the amount of Terra Luna Classic tokens will decrease and the spirit of the community will increase, it may be reasonable to expect the price of LUNC to rise above $0.001 by 2022.

Potential Value of Classic Terra Luna Coins in the Future (LUNC):

From June to August 2022, Terra Luna Classic appears to have been the only cryptocurrency with real value creation potential.

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