Binance to Burn Billions of Terra Luna Classic (LUNC) Tokens: Latest Updates and Price Prediction
Binance, the world’s largest crypto exchange, is set to burn billions of Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burn mechanism on Wednesday. This move comes as Binance continues to support the community for Terra Luna Classic revival, even after founder Changpeng “CZ” Zhao stepped down as CEO of the exchange.
In the previous 20th LUNC burn mechanism, Binance burned 4.17 billion Terra Luna Classic (LUNC) tokens, accounting for 51.9% of the total LUNC burned by the community. The exchange burned these tokens in trading fees on LUNC spot and margin trading pairs, worth $722,630, as trading volumes surged in March.
However, daily LUNC trading volume has dropped this month amidst the market-wide decline in crypto prices and trading volumes. In March, LUNC saw massive trading volumes of over $100 million daily, with prices surpassing the $0.0002 level. But in April, average daily trading volumes dropped to $30 million, with prices falling to $0.0001. The market cap also decreased from over $1 billion to under $600 million in just a month.
The 21st batch of Binance LUNC burn will cover the period between March 31 to April 29, with no significant increase in trading volumes so far. As a result, Binance is expected to burn between 1 billion to 1.5 billion LUNC tokens on May 1.
In terms of price prediction, LUNC price has seen a 3% increase this week, currently trading at $0.0001055. Trading volume has slightly decreased in the last 24 hours, with futures open interest remaining low. Experts suggest that tracking trading volume and derivatives trading will be crucial for predicting further price action in the coming days.
Overall, Binance’s continued support for the Terra Luna Classic community through the LUNC burn mechanism showcases its commitment to the project’s revival, despite market challenges. Stay tuned for more updates on the crypto market and LUNC price movements.
