LUNC price: Luna Classic holders wait for 1000x recovery as Binance burns 5.59 billion LUNC


  • 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. 

Lunc Classic burn

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. 

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. 

Terra Classic/ Tether

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


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP