- 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
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
![Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Coin_31_02_XtraSmall.jpg)
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
![Bitcoin price falls amidst German government transfers, miners activity](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
![Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/Bitcoin_2_XtraSmall.jpg)
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
![Three reasons why altcoins could shake off losses this week](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
![Bitcoin: BTC price correction could end in July, according to seasonal data](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.