Binance, the world’s most prominent cryptocurrency exchange, has taken another significant step. On November 1, the platform confirmed the destruction of an astounding 760.42 million Terra Luna Classic (LUNC) tokens. This action marks the 15th episode in their ongoing LUNC burn initiative, bringing their cumulative contribution close to the 40 billion mark.
The magnitude of this recent move is evident when viewed from a broader perspective. Since the community took over the reins post the 2022 Terra-LUNA debacle, a collective total of over 76 billion LUNC tokens has been incinerated. This demonstrates the dedication and preventative precautions that cryptocurrency exchanges like Binance, as well as the community at large, are doing.
BREAKING: #Binance burns 760 million $LUNC valued at $47,000 for their monthly burn. Thank you CZ for continuing to only burn $BNB and #LUNC. pic.twitter.com/nAGnLCZnO2
— Terraport Finance (@TerraValidators) November 1, 2023
Binance’s consistency in the burning campaign has been evident. Just a month ago, the exchange had obliterated a whopping 1.01 billion Terra Luna Classic tokens from its reserves. However, there was a noticeable decrease in the burn rate recently. Factors influencing this decline seem to be a combination of negative market sentiments (often referred to as FUD or Fear, Uncertainty, Doubt), a decline in developer activity, and diminished LUNC trade volumes on the platform.
While the community lauded Binance for its consistent effort, there were murmurs of concern when the burn volume dipped below 1 billion for the second consecutive time. Regardless, gratitude was evident amongst the community members, many of whom extended their thanks to Binance’s CEO, Changpeng Zhao, for his platform’s unwavering support in the burn initiative.
Another point of discussion in the corridors of the crypto community is whether Binance should consider burning USTC alongside LUNC. This comes on the heels of Binance’s decision last year to reduce their burn contribution from the full 100% to 50% of LUNC spot and margin trading fees.
In essence, while the road post the 2022 crisis has been anything but smooth for Terra Luna Classic, the continuous efforts by platforms like Binance and the community at large provide a glimmer of hope for the token’s future stability and potential rise in value. The crypto market waits with bated breath to observe the price trajectory after this latest burn.
In the last 24 hours, the LUNC token’s price has dropped to $0.00006248, reflecting a 3.48% decline at the time of writing. However, in the past 7 days, the token has seen an overall increase of 4.48%, demonstrating a steady and upward trend in value. This could potentially be attributed to the recent token burn event and the positive sentiment surrounding it.
The technical indicator in the daily price chart for LUNC/USDC shows that the market is currently in a neutral trend, with a slight bias towards the bears. The relative strength index (RSI) is currently at 54.69, indicating a balance between buying and selling pressure. The moving average convergence divergence (MACD) also shows a bearish trend, with the histogram showing lower values and indicating potential for a bullish crossover in the near future.
