Burn Of Terra Luna Classic (LUNC) Is Broken

2 years ago · Updated 7 months ago

✍️ 27 December, 2023 - 16:03 👤 Editor: Jakub Motyka

With the implementation of the different LUNC burns, many users hoped to bring back the Terra Classic ecosystem.
Binance performed a burn equivalent to 1.8 million this October 2. However, this has not had any impact on the price of the LUNC token.

Follow the burning of Terra Luna Classic (LUNC) in real time.

In an effort to bring back the Terra Luna Classic (LUNC) ecosystem, the community has implemented a transaction tax on its token establishing a burn that is broken. The funds will be burned in order to reduce the huge supply left after the collapse of UST. However, after the first burn carried out by Binance, the results have not been as expected.

Within the Terra Classic community,there were high expectations regarding LUNC burns. After all, it is a worthless token with a very bad reputation, being recognized as a result of the fall of Terra USD (UST). Many investors dreamed of the recovery of the project in the short term, however, the first results reveal that this might not be enough.

How Was The First Burn Of Terra Classic (LUNC) On Binance?

According to an official announcement from Binance, the leading exchange by capitalization achieved a burn of the equivalent of USD 1.8 million in LUNC tokens. Moments prior to the burn event, this represented an increase in trading volume and high volatility around the price. Unfortunately, in the eyes of many, the result has been insufficient.

The market capitalization of Luna Classic (LUNC) increased almost 1 billion in the moments before the burn. However, despite having made a burn equivalent to almost 2 million dollars, This has had no effect on the price of LUNC.

What Happened To The Price Of LUNC?

As in the past, the LUNC token recorded a speculative rally ahead of Binance's announcement. Many expected a “buy on rumour, sell on news” scenario. However, the event has not had a significant impact on the price. According to the opinion of many users, the volume of burning is still insufficient in the face of the enormous supply.

Currently the price of LUNC is in the area of USD 0.00031. Given the apparent failure of the burn event, selling pressure has increased considerably. If it continues like this, we could see a strong decline in its price until the next resistance located in the range of USD 0.00025.

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