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HomeNewsDespite Binance’s 700M LUNC Burn, Terra Luna Classic Struggles with 20% Price...

Despite Binance’s 700M LUNC Burn, Terra Luna Classic Struggles with 20% Price Decline

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  • Terra Luna Classic community has burnt 400 billion LUNC tokens as Binance contributes with over 736 million in its latest batch.  
  • LUNC and USTC prices decline amid a broader crypto market downturn.  

The Terra Luna Classic (LUNC) community has reached a significant milestone in its burn campaign. Notably, the initiative has seen the number of LUNC token’s off circulation surpass 400 billion.

On the other hand, Binance, the world’s largest cryptocurrency exchange, has played a key role by sending over 736 million LUNC tokens to the burn address, making it its 30th batch. However, the achievement comes amid a challenging period for the crypto market, with LUNC and USTC prices falling due to broader economic pressures.

Binance’s Role in the Burn Campaign 

Binance has been a major supporter of the Terra Luna Classic burn initiative, contributing over 70.85 billion LUNC tokens to date. In its latest batch, the exchange burned 736 million LUNC, worth approximately $87,923 in trading fees collected between December 31 and January 30.

While this marks one of the lowest monthly burns by Binance, it emphasizes the exchange’s ongoing commitment to the LUNC community.  

The burn campaign aims to reduce LUNC’s circulating supply, which now stands at 5.5 trillion tokens. By decreasing supply, the community hopes to increase scarcity and potentially boost the token’s value over time. Despite the progress, the campaign faces challenges, including fluctuating trading volumes and market volatility.  

The broader crypto market has been under pressure recently, with LUNC and USTC prices experiencing significant declines. LUNC dropped 6% in the last 24 hours, trading at $0.00007068, while USTC fell 8% to $0.013.

These declines are partly attributed to a market-wide selloff triggered by macroeconomic factors, including trade tensions and regulatory uncertainties.  

Despite the price drops, trading volumes for both LUNC and USTC have increased by 25% and 33%, respectively, indicating growing interest among traders. Analysts remain cautiously optimistic, with some predicting a potential rally to $0.0005 for LUNC if market conditions improve.  

A Community-Driven Effort  

The Terra Luna Classic chain is managed by its community, with validators and developers making decisions through governance voting. The burn campaign has been a central focus, with community members and external supporters, including Binance founder Changpeng “CZ” Zhao, rallying behind the initiative.  

While the road to recovery remains uncertain, the Terra Luna Classic community continues to push forward with optimism. The burn campaign’s progress, coupled with ongoing development efforts, offers hope for a potential revival.

However, the project’s future will depend on its ability to navigate market challenges and regain investor confidence.

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