Terra LUNA Classic is gaining attention in the market once more after its activity in 2022. The spotlight is on its ongoing practice of burning LUNC tokens to reduce the overall supply.
Terra LUNA Classic’s journey as a top-performing coin in the crypto market ended in 2022. Once traded above $100 and reaching an all-time high of $119, its prices later plummeted to as low as $0.000001. Despite this rollercoaster ride, Terra LUNA Classic is now back in the spotlight and trending once more.
LUNC Burn Program and Market Dynamics
Last month, Terra LUNA Classic (LUNC) experienced a surge, with its price rising approximately 14% compared to a week prior, currently trading at $0.0001407. However, there has been a notable 8% decrease from yesterday’s price, accompanied by a 38% decline in trading volume, which now stands at $154,646,132.
To address LUNC’s volatility, Binance previously conducted a burn of 100 billion LUNC tokens to reduce the token supply. Today, on March 1, 2024, a new burn program is set to exceed the 100 billion LUNC Burn milestone. Binance has been responsible for over 51% of LUNC burning, with the 18th burn totaling approximately $2 billion in tokens, contributing to the surge witnessed in February.
With LUNA’s circulating supply at approximately 5.7 trillion and a total supply of 6.8 trillion, the LUNC community is actively working on enhancing utility, securing funding, and increasing the burn rate. Amidst a bullish crypto market, these efforts are expected to further shape LUNC’s price movements and market dynamics.
Impact of Burn and Market Sentiment
The 18th burn significantly influenced LUNC prices, yet the overall bullish market conditions have also played a crucial role. This period has seen the crypto market residing in an extreme greed zone, witnessing impressive performances from top cryptocurrencies.
Bitcoin, for instance, surged above the $63,000 range recently, but today, it experienced a slight dip of 2%, currently trading at $61,553.25. Similarly, Ethereum surpassed the $3,500 mark, only to dip to $3,376.74 today, marking a 2.5% decrease. This pattern illustrates a trend where major cryptocurrencies were bullish yesterday but experienced a decline today after a week of consistent growth.
In Summary
The recent surge in Terra Luna sparked high expectations within the community, but today’s decline is causing mixed signals. This hike marked the first significant jump since 2022, yet it’s unclear how LUNC will fare in the coming days. Additionally, Bitcoin’s performance has dipped from yesterday, when it surpassed $63,000.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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