- Binance announced the burn of 5.59 billion Luna Classic tokens and permanently removed them from circulation.
- LUNC climbed the ranks to emerge as the sixth most traded cryptocurrency in the last 24 hours.
- Luna Classic holders await a 1000x recovery in the asset as burn implementation is complete and trade volume explodes.
Binance implemented Luna Classic burn and shared details with the LUNC community. The exchange’s move has fueled a bullish sentiment among LUNC holders awaiting a recovery in Terra’s token.
Also read: JUST IN: Kim Kardashian in legal trouble, slammed by US SEC for touting EthereumMax
Binance implements mass burning of Luna Classic
Binance burned 5.59 billion Luna Classic tokens in response to the LUNC community proposal. The world’s largest exchange by volume, Binance, informed users that the burn will be implemented weekly until further notice. Binance burned all the trading fees collected on LUNC spot and margin trading pairs. The specific amount of LUNC burned will change on a weekly basis however, Binance will consistently pull Terra’s Luna Classic tokens out of circulation for the LUNC community.
Luna Classic burn
Burn implementation by Binance has fueled a bullish sentiment among holders. The community started a campaign on crypto Twitter, pushing for a #1000x recovery in Terra Classic price.
Prior to Binance’s LUNC burn, nearly 291 million LUNC was being burned daily. OfficialTravlad, a crypto analyst and trader, expects other cryptocurrency exchanges to start burning Luna Classic tokens as Binance sets an example with the 5.59 billion LUNC burn.
The analyst believes over a period of one year, with other cryptocurrency exchanges onboard, 550 billion LUNC could be pulled out of circulation. This represents 12.5% of LUNC’s supply.
A little #LUNC burning brainstorm.
— Travladd Crypto (@OfficialTravlad) October 3, 2022
Pre-Binance burn and post 1.2% burn implementation (September 21st) around 291M $LUNC was being burned daily.
Binance today burned 5.6B $LUNC which I presume was accumulated over the last week via the 0.1% tx tax. (1/5)#LUNCcommunity
ClassyCrypto_ evaluated the Luna Classic price trend and revealed a bullish outlook. While the community of LUNC holders await a #1000x recovery in Luna Classic, the analyst believes the token could be 3x and lose a zero by the end of 2022 at the current burn rate.
LUNC USDT price chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.