The cryptocurrency landscape is buzzing with optimism as Terra Luna Classic (LUNC) experiences promising growth, largely fueled by bullish sentiment surrounding the upcoming Binance burn event and a newly proposed USTC burn initiative. Investors are rallying, hopeful that these strategic moves could significantly enhance LUNC’s value and position it for further gains in an ever-evolving market.
Binance Takes Charge – Fee Adjustments nd Monthly Burns
Renowned cryptocurrency exchange Binance has announced crucial adjustments to the trading fees associated with LUNC, aimed at streamlining the asset’s burn process. According to Binance’s official LUNC support page, the next series of burns will occur by Wednesday, October 2, 2024. Historically, these monthly burns have acted as positive catalysts for LUNC, helping to reduce the total supply of the token and drive up demand.
Since May 13, 2022, Binance has successfully burned approximately 64.47 billion LUNC and 4.38 million USTC. This ongoing effort to decrease the circulating supply has not gone unnoticed by the Terra Luna Classic community, which is now brimming with anticipation for a potential price rally following the upcoming burn event.
USTC Burn Proposal Targets Inactive Wallets
In a concerted effort to further bolster the ecosystem, the Terra Luna Classic community recently voted in favor of a new USTC burn proposal. This initiative aims to burn 46.55 million USTC through contract migration, specifically targeting wallets connected to the Mirror Protocol that have remained inactive since the catastrophic crash in May 2022.
Despite facing setbacks during its initial proposal due to a low balance in the USTC contract, the community demonstrated resilience by excluding problematic contracts to enhance the proposal’s effectiveness. This renewed commitment reflects a desire to address the excess supply of both USTC and LUNC tokens, fostering an environment for more meaningful price action in the future. The overarching goal remains clear: to eventually repeg USTC to its original value of $1.
LUNC Price Surges Amid Increased Market Activity
The combination of the USTC burn proposal and the excitement surrounding the Binance burn event has resulted in a notable price increase for LUNC. As of the latest data, LUNC is trading at $0.00009433, with a 24-hour trading volume of $30,642,728. Although it has faced a slight decline of 2.5% in the past day, LUNC has managed to rise 9.46% over the last week.
Conversely, USTC is currently trading at $0.0213, having dropped 2\% over the last 24 hours. However, USTC’s trading volume saw an impressive 82% spike in just one day, reaching $31.61 million.
Data from Coinglass reveals a staggering 275.11% increase in LUNC’s trading volume and a 21.61% rise in open interest, signaling heightened market participation. Notably, liquidation data indicates bullish sentiment, with $92.49K in long liquidations compared to just $310.6 in shorts, further supporting the upward price momentum.
With the cryptocurrency market in a constant state of flux, the upcoming Binance burn event and the USTC burn proposal represent crucial developments for Terra Luna Classic. Investors remain hopeful that these strategic actions will not only boost LUNC’s value but also restore confidence in the broader Terra ecosystem. As we approach the critical dates, all eyes will be on LUNC to see if it can maintain its momentum and deliver the promised
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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