- Binance recently burned over 1 billion Terra Luna Classic (LUNC) tokens as part of its monthly burn initiative, bringing the total LUNC burned by the community to nearly 137 billion.
- While this burn aims to reduce supply and potentially boost LUNC’s value, price gains may hinge on increased trading volume and additional burns from Terraform Labs.
Terra Luna Classic (LUNC) In an impressive move, Binance, the world’s largest cryptocurrency exchange, recently burned over 1 billion Terra Luna Classic (LUNC) tokens as part of its ongoing monthly burn initiative. This event marks the 27th burn batch, reinforcing Binance’s commitment to reducing the circulating supply of LUNC and boosting its value. But what does this burn mean for the future of Terra Luna Classic, and could it spark a price rebound? Here’s a closer look at the current landscape and what might be on the horizon for LUNC investors and enthusiasts.
The 27th Burn Batch: Binance’s Role in LUNC’s Revival
On November 1, Binance sent 1.048 billion LUNC tokens to the burn address, equating to around $95,074 in trading fees accrued between September 30 and October 30. Binance has adopted a policy of burning 50% of all LUNC spot and margin trading fees monthly, an approach aimed at reducing the token’s supply, which could eventually increase its value. As of now, Binance alone has burned almost 66.66 billion LUNC tokens, contributing significantly to the total 137 billion tokens that the Terra Classic community has burned over the last two years.
This significant burn activity aligns with the community’s efforts to revive Terra Luna Classic after its dramatic collapse. The burning process essentially removes tokens from circulation, which could help boost the token’s price if demand remains steady or rises.
The Bigger Picture: Will Prices Rise?
Following Binance’s latest burn, Terra Luna Classic has seen renewed optimism, but recent market conditions are holding prices back. Over the past 24 hours, LUNC’s price has dipped by 8%, erasing gains from the previous week. At present, LUNC is trading around $0.00008936, with daily fluctuations between $0.00008868 and $0.00009834. Meanwhile, Terra Luna Classic’s sibling token, USTC, saw a larger price tumble of more than 10% but is still up 1% over the week.
Despite these recent declines, the community is hopeful that ongoing burns will eventually support a price recovery. Many are speculating if LUNC can reach the $0.0001 mark this week, a threshold that could open the door to further rallies. This optimism is partially fueled by expectations of future burns by Terraform Labs, which has been under close observation as part of a bankruptcy court decision.
The Road Ahead for Terra Luna Classic
While burn initiatives can reduce supply, a meaningful price surge may depend on increased trading volume and market confidence. In the past 24 hours, trading volume for LUNC has decreased by 50%, suggesting waning interest among some traders, which could stall any immediate price jump.
However, if Terraform Labs follows through with a large-scale burn as expected, it could inject new momentum into LUNC and USTC prices. Investors and community members are closely watching these developments, hopeful that consistent burns will revive Terra Luna Classic’s fortunes and attract renewed market interest. For now, all eyes remain on Binance and Terraform Labs, with the community eagerly awaiting the next burn and hoping for a brighter future for LUNC.
