LUNC Price to Soar Amid Massive Burn as Binance Buys Over 1 Trillion Shares
The terra luna Classic community is anticipating a massive LUNC burn next week by crypto exchange binance as part of its LUNC burn mechanism. LUNC has seen its total supply drop to 6.78 trillion following the recent massive trading volumes and burn.
Delegators also received a significant amount of stakes from Terra Luna Classic validators, bringing the total LUNC stakes to over 1 trillion.
Terra Luna Classic is a Big Burn in the Eyes of the Community
The Terra Luna Classic community is waiting for the Binance LUNC burn mechanism to provide the necessary support to reduce the LUNC token supply. Massive trading volumes this month have sparked speculation that Binance is burning higher amounts of LUNC. The crypto exchange burned approximately 60.42 billion LUNC, accounting for 48.8% of the total LUNC burned by the community.
The community has burned approximately 124 billion LUNC so far; 71 billion of this was sent to burn wallets and 53 billion was made through on-chain burn.
Almost 7 billion LUNC have been burned in the last 7 days as whales and investors moved LUNC from centralized crypto exchanges. The total fees accrued from these transactions amounted to 8.34 billion LUNC.
With sufficient support from validators and the community, the total amount of LUNC stakes has increased to over 1 trillion. Staking rate increased to 14.83%. Additionally, the community pool reserve saw the required increase with 6.22 billion LUNC and 12.37 million USTC. It provides the community with sufficient funds for development activities.
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LUNC and USTC Price Performance
The Terra Luna Classic community has yet to account for the LUNC and USTC burn on Terraform Labs and Luna Foundation Guard wallets. Terraform Labs CEO Chris Amani confirmed to the Terra Classic community that LUNC and USTC in TFL and LFG wallets will be burned.
The community will also implement Tax2Gas, which has the potential to greatly increase LUNC burn in the coming months. It is expected to be completed by July.
Terra Classic price has been trading mostly sideways in the last 24 hours and the price is currently trading at $0.00008137. The 24-hour low and high are $0.000081 and $0.000083 respectively. Additionally, the 53% decrease in trading volume in the last 24 hours shows the indifference of investors.
Burn events will bring sufficient trading volume and upward price movement along with a breakout above the dollar0.000090 confirms further bullish movement.
Meanwhile, USTC price has also fallen by over 0.62% in the last 24 hours, with trading volume decreasing by 40%. The 24-hour low and high are $0.01758 and $0.01815 respectively.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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