- 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
Bitcoin: Retraces to around $75,000 after hitting new all-time high
Bitcoin (BTC) edges slightly down on Thursday and trades at around $74,900 after hitting a new all-time high (ATH) of $76,400 on Wednesday, buoyed by the victory of the crypto-friendly candidate Donald Trump in the US presidential election.
Ethereum price jump spurs most significant ETF inflows in six weeks
After a positive momentum in crypto markets following the outcome of the US presidential election, spot Ether exchange-traded funds (ETFs) in the United States saw their highest inflows in six weeks.
Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory
The prices of top trending meme coins Pepe (PEPE), Bonk (BONK) and FLOKI (FLOKI) experienced double-digit gains following Trump’s victory on Wednesday. The technical outlook suggests that the three meme coins hover around key levels, and the breakout could push these coins higher.
SUI hits new all-time high fueled by Trump election win
Sui (SUI) edges down on Thursday and trades at around $2.24 after hitting a new all-time high (ATH) of $2.38 earlier in the day, buoyed by the victory of a crypto-friendly candidate, Donald Trump, in the US presidential election.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.