In an exciting development for the Terra Luna Classic (LUNC) community, significant price action is anticipated amid Binance’s forthcoming burn mechanism. This news comes as more than 1 trillion LUNC tokens have been staked, reflecting a substantial commitment from validators and investors. The latest burn event by Binance is set to reduce the overall LUNC supply further, potentially driving a significant price rally.
Terra Luna Classic Community Eyes Massive Burn
The Terra Luna Classic community is gearing up for a highly anticipated burn event, spearheaded by Binance. With the total supply of LUNC currently at 6.78 trillion, thanks to recent high trading volumes and burn activities, the community is hopeful that the upcoming burn will provide the necessary push to decrease the token supply even further.
Binance has already burned approximately 60.42 billion LUNC, which constitutes a staggering 48.8% of the total coin burned by the community so far. Overall, the community has incinerated nearly 124 billion coins, with 71 billion being sent to the burn wallet and 53 billion through on-chain burns. Over the past week alone, nearly 7 billion coin were burned as whales and investors moved their tokens from centralized exchanges, accruing total fees of 8.34 billion LUNC.
The community’s staking efforts have also shown remarkable progress. The total coin stake has surged past $1 trillion, increasing the staking ratio to 14.83%. This robust staking activity provides significant support for the network and the community. Additionally, the community pool reserve has benefited from these efforts, now holding 6.22 billion LUNC and 12.37 million USTC, ensuring sufficient funds for future development activities.
LUNC and USTC Price Performance
Despite the positive momentum surrounding the staking and burn activities, coin and USTC prices have been relatively stagnant over the past 24 hours. Currently, coin is trading at $0.00008137, with a 24-hour low of $0.000081 and a high of $0.000083. Trading volume has decreased by 53% in the same period, indicating a temporary lack of interest among traders. However, the anticipated burn events are expected to rekindle trading volumes and trigger an upward price movement. A breakout above $0.000090 would confirm a further price surge.
Similarly, USTC prices have seen a slight decline of 0.62%, with trading volumes dipping by 40% in the last 24 hours. The current trading range for USTC is between $0.01758 and $0.01815.
The Terra Luna Classic community remains optimistic about the future, with plans to implement Tax2Gas, a mechanism expected to significantly increase LUNC burn in the coming months. This initiative is projected to be completed by July and could serve as a catalyst for further positive price action.
In conclusion, the Terra Luna Classic community is poised for a significant transformation as it prepares for the next major burn event by Binance. The massive staking efforts and upcoming burn mechanisms signal a promising future for LUNC, potentially leading to a substantial price rally and renewed interest among investors.
