Terra Luna Classic community looks for a massive LUNC burn in the next week by crypto exchange Binance as part of its LUNC burn mechanism. LUNC saw its total supply drop to 6.78 trillion after the enormous trading volumes and burn recently.
Delegators have also staked significantly with Terra Luna Classic validators, bringing the total LUNC staked to over 1 trillion.
Terra Luna Classic Community Eyes Massive Burn
Terra Luna Classic community awaits Binance LUNC burn mechanism to provide the necessary push to reduce LUNC tokens supply. Massive trading volumes this month sparked speculation of a higher amount of LUNC burn by Binance. The crypto exchange has burned nearly 60.42 billion LUNC, accounting for 48.8% of the total LUNC burned by the community.
The community has burned nearly 124 billion LUNC until now, with 71 billion by sending to burn wallet and 53 billion through on-chain burn.
In the last 7 days, almost 7 billion LUNC burn came from as whales and investors moved LUNC from centralized crypto exchanges. Total fees accrued from these transactions were 8.34 billion LUNC.
Total LUNC staked has skyrocketed to above 1 trillion, providing enough support from validators and the community. The staking ratio has increased to 14.83%. Moreover, the community pool reserve saw the required boost, with 6.22 billion LUNC and 12.37 million USTC. It gives the community enough funds for development activity.
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LUNC and USTC Price Performance
The Terra Luna Classic community has not yet accounted LUNC and USTC burn from Terraform Labs and Luna Foundation Guard wallets. Terraform Labs CEO Chris Amani confirmed to the Terra Classic community that LUNC and USTC in the TFL and LFG wallets will be burned.
The community will also implement Tax2Gas with the potential to increase LUNC burn massively in the coming months. It is expected to be completed by July.
Terra Classic price trading mostly sideways in the last 24 hours, with the price currently trading at $0.00008137. The 24-hour low and high are $0.000081 and $0.000083, respectively. Moreover, trading volume has decreased by 53% in the last 24 hours, indicating a lack of interest among traders.
The burn events are going to bring enough trading volumes and upside price action, with a breakout above $0.000090 confirming further uprise move.
Meanwhile, USTC price also fell over 0.62% as trading volumes dipped by 40% in the last 24 hours. The 24-hour low and high are $0.01758 and 0.01815, respectively.
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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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