As a recent development has it, the future of Terra Classic (LUNC) seems to be getting brighter daily as LUNC volume and price over 24 hours experienced remarkable growth.
As shared on Twitter by Mr. Diamondhandz1, a notable Terra Classic community member, LUNC volume is up 700%, pushing its price up by over 13%. This notable surge in volume and price has been attributed to the recent burn initiated by Binance, the largest exchange by trading volume.
Read Also: Binance LUNC Burn Hits 40 Billion as Terra Classic Community Considers Burning Both USTC and LUNC
Mr. Diamondhandz1 tweeted, “LUNC is up 700% in 24 hour volume at 135,125,272 and has outperformed EVERY Crypto in the top 100 in 24 hour % change and you think it’s dead? There is a reason Binance burns LUNC every month. Don’t get left behind.”
$LUNC is up 700% in 24 hour volume at 135,125,272 and has outperformed EVERY #Crypto in the top 100 in 24 hour % change and you think it’s dead? There is a reason #Binance burns #LUNC every month. Don’t get left behind. 🚀🌕💎🤲🏻 #LUNCcommunity pic.twitter.com/4YZ3ucziTx
— Mr. Diamondhandz1💎 (@MrDiamondhandz1) February 4, 2024
Binance Burns 2.1 billion LUNC
In a significant milestone, Binance recently burned 2.1 billion LUNC, playing a pivotal role in the ongoing LUNC burn campaign.
This token burn effort extends beyond Binance. It involved crypto exchanges, validators, projects, and community members working collaboratively to reduce the circulating supply of Terra Classic (LUNC).
Binance’s recent token burn was the 18th batch of LUNC burns, showcasing the exchange’s commitment to the revival of Terra Classic. This contribution has propelled the total LUNC burn beyond 50 billion, approaching 100 billion LUNC, with Binance accounting for an impressive 52.4% of the tokens burned by the Terra Classic community.
This sustained effort underscores the community’s dedication to sustainable price increases for LUNC. The Terra Classic community is actively invested in the token burn strategy, as it is the ecosystem’s main initiative to raise the LUNC price.
January’s LUNC Burn Activity
On January 1, Binance executed a burn transaction involving 2.1 billion LUNC tokens. This occurred during the 18th batch of the LUNC burn mechanism, which covered December 31 to January 30. The primary sources for tokens to be burned are trading fees on LUNC spot and margin trading pairs. Binance’s cumulative LUNC burn now stands at an impressive 51.27 billion.
January witnessed heightened activity as an additional 5.57 billion LUNC tokens were incinerated, correlating with a substantial increase in LUNC trading volume on the platform. The introduction of a USTC perpetual contract and new USTC and LUNC trading pairs across various crypto exchanges fueled this surge, amplifying the overall impact of the burning campaign.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Terra Classic Rejects USTC Repeg Proposal as LUNC Burn Rate Rises Amid Falling Prices
Terra Classic Community’s Milestone
Shortly after reaching a new staking milestone, the collective efforts of the Terra Classic community have produced another remarkable milestone, with 98 billion LUNC tokens burned. Impressively, the community maintains a consistent pace, burning an average of 600 million LUNC per week.
At press time, LUNC is trading at $0.0001054, up 6.06% over the past week. However, LUNC is down 26.09% over the last month, and the community is optimistic for a sustained surge. Now that the digital asset has begun a slow rise, the community can look to bigger targets for the cryptocurrency.
A crypto proponent recently asked the community to focus on the $0.03 target. He believes the current declines and fluctuations will only last for a short period, highlighting that volatility often precedes huge price movements.
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