Terra Classic is Burning: Will LUNC Price Explode?

It's like a big team effort to make things better in the crypto world! Will LUNC Price explode? Let's take a look at it.

Prasanna Peshkar

Prasanna Peshkar

January 27, 2024 5:44 PM

Terra Classic is Burning: Will LUNC Price Explode?

The Terra Luna Classic community is on a roll with its LUNC burn campaign, torching a whopping 95 billion LUNC since May 2022. It’s like a big achievement in their mission to cut down the number of circulating LUNC tokens. And guess what? Binance, the world’s biggest crypto exchange, threw almost 50 billion LUNC into the burn pot. That’s more than half of the total burn so far, indicating they’re really throwing their weight behind the community’s plan to spruce up Terra Luna Classic’s token situation. It’s like a big team effort to make things better in the crypto world! Will LUNC Price explode? Let’s take a look at it.

How has LUNC Price moved in recent days?

Terra Classic is shaking things up at $0.000101, and it’s been quite the ride in the past 24 hours, racking up a trading volume of $43.52 million. The market cap is holding strong at $586.37 million, claiming a modest 0.04% chunk of the overall crypto scene. Now, for the thrill – LUNC prices pulled off a little stunt, jumping up by 3.98% in just 24 hours!

Now, let’s dial it back a bit. April 5, 2022 – Terra Classic was on fire, hitting a peak of $119.01. Fast forward to May 13, 2022, and it hit a bit of a low note, sliding down to an all-time low of $0.00001651. Since that peak, Terra Classic had its dip at $0.00001651 (cycle low), and the highest LUNC price since then soared to $0.000590.

Right now, the vibes around Terra Classic’s price prediction are leaning towards the bearish side, and the Fear & Greed Index is clocking in at 55 (Greed). Now, in terms of supply, there are currently 5.79 trillion LUNC tokens doing their thing out of a total supply of 6.88 trillion. 

The yearly supply inflation rate is at -3.46%, which means there’s been a reduction of -207.41 billion LUNC in the circulating supply over the last year. It’s like Terra Classic is telling its own story in the crypto world – full of ups, downs, and a touch of Greed!

Will LUNC Price explode?

Since May 13, 2022, the Terra Luna Classic community has burned a total of 95.19 billion LUNC. In the previous 7 days, they’ve burnt an extra 1,014,580,424 LUNC, putting a dent in the circulating supply. Currently, 5.79 trillion LUNC tokens are in circulation, with a total supply of 6.81 trillion. It’s like a numbers game, and the community is actively attempting to modify the token ecosystem. Keep an eye on that burn!

Binance has played a significant role in the ongoing LUNC burn initiative, contributing over 51% to the total by sending billions of tokens to the burn address as part of its monthly LUNC burn mechanism. In the latest move, Binance executed the burning of 5.57 billion Terra Luna Classic (LUNC) tokens in the 17th batch, bringing the total LUNC burned by the exchange to nearly 50 billion.

As of now, the circulating supply of LUNC tokens stands at 5.79 trillion, out of a total supply of 6.81 trillion LUNC. However, the community recognizes the importance of enhancing utility, funding, and chain developments to support and potentially increase the LUNC burn rate. It’s like a collaborative effort to shape the future of Terra Luna Classic and make those tokens vanish into thin air! 

The consistent burning of LUNC tokens, especially with the significant contributions from Binance, has the potential to create a positive impact on prices. As the circulating supply decreases due to continuous burns, basic economic principles suggest that scarcity could drive up demand, leading to a potential increase in the value of LUNC tokens. 

This reduction in supply could contribute to heightened interest from investors, and coupled with ongoing developments and utility enhancements, there’s a possibility that the LUNC price might experience a notable uptick. While predicting price movements is challenging, the burning mechanism, combined with other factors, may set the stage for a bullish trajectory for LUNC. Keep an eye on how these dynamics unfold!

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Prasanna Peshkar
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Prasanna Peshkar

Prasanna Peshkar is a seasoned writer and analyst specializing in cryptocurrency and blockchain technology. With a focus on delivering insightful commentary and analysis, Prasanna serves as a writer and analyst at CryptoTicker, assisting readers in navigating the complexities of the cryptocurrency market.

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