Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin


  • Luna Classic LUNC price yielded 12% gains overnight for holders after Binance’s massive burn of 6.39 billion tokens. 
  • Binance has destroyed nearly 20 billion LUNC through a burning mechanism, fueling a bullish sentiment among Luna Classic holders.
  • Luna Classic price chart reveals that LUNC broke past the falling wedge, this is considered a bullish sign for the altcoin. 

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

Also read: FTX exchange collapse, loss of $3.1 billion could have been avoided on one condition

LUNC price rallies after massive Binance token burn

Binance, one of the world’s largest exchanges by trade volume, burned 6.39 billion LUNC tokens as part of its monthly Luna Classic burn mechanism. Binance sent the LUNC tokens to the burn address on December 1 at 2:35 PM GMT. This represents the sixth batch of Luna Classic trade fees collected by the exchange for the period from October 30 to November 30. 

Luna Classic weekly burns were facilitated by Binance for the first five weeks. Post that the exchange announced monthly LUNC burns. The volume of Luna Classic burned continued to decline due to low trade volume and proposal 5234 that reduced tax burn from 1.2% to 0.2%. 

Luna Classic burn by Binance

Luna Classic burn by Binance 

Binance burned 13.7 billion LUNC tokens in October 2022 and the total burn has crossed 20 billion Luna Classic tokens. Post Binance’s burn, LUNC rallied 12% overnight. 

Luna Classic price chart shows bullish signs

On evaluating the Luna Classic price chart, there are bullish signs that point towards an extended rally in LUNC. Luna Classic price has moved slightly above the falling wedge pattern in the chart below. This is considered a bullish sign. Interestingly, Relative Strength Index (RSI), a momentum indicator, crossed the neutral level of 50. Overall technicals therefore point towards extended gains in LUNC price.

LUNC/USDT price chart

LUNC/USDT price chart 

At press time, LUNC is changing hands at $0.000182. There is a likelihood that Luna Classic performs well in December 2022 based on the aforementioned technicals, a key level to watch is the monthly high of $0.000278. 


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


Recommended Content

Editors’ Picks

Bitcoin is showing rising correlation with the S&P 500

Bitcoin is showing rising correlation with the S&P 500

Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.

More Bitcoin News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

More Ethereum News
Consensys case against SEC over Ethereum dismissed by Texas court

Consensys case against SEC over Ethereum dismissed by Texas court

Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.

More Cryptocurrencies News
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors. 

More Ripple News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP