The world’s largest crypto exchange Binance to burn Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burn mechanism on Wednesday. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism and hasn’t stopped it even after founder Changpeng “CZ” Zhao stepped down as CEO of the exchange.
Crypto exchange Binance has burned over 57 billion Terra Luna Classic (LUNC), accounting 51.9% of the total LUNC burned by the community. In the 20th LUNC burn mechanism, burned 4.17 billion Terra Luna Classic (LUNC) tokens. The exchange burned 4.17 billion in trading fees on LUNC spot and margin trading pairs worth $722,630 as trading volumes increased significantly in March.
However, daily LUNC trading volume has dropped this month amid the market-wide drop in crypto prices and trading volumes. In March, LUNC saw massive trading volumes of over $100 million daily, with prices rallying past the $0.0002 level. In April, the average daily trading volumes were $30 million and prices have dropped to $0.0001. The market cap has also dropped from over $1 billion to under $600 million in a month.
The trading volumes are even lower than February, indicating a massive drop in LUNC burn. The 21st batch of Binance LUNC burn will be for the period between March 31 to April 29, with no major increase in trading volumes until now. Thus, Binance is likely to burn between 1 billion to 1.5 billion LUNC tokens on May 1.
Also Read: Terra Classic Proposal “Restore IBC To Kujira” Officially Passes, LUNC Futures OI Jumps 10%
LUNC price jumped 3% this week, with the price currently trading at $0.0001055. The 24-hour high and low are $0.0001018 and $0.0001105, respectively. Moreover, trading volume decreased slightly in the last 24 hours.
Moreover, Terra Luna Classic (LUNC) and 1000LUNC futures open interest remain low during the weekend and open interest has dipped across exchanges in the last 24 hours, as per Coinglass.
In the lower timeframe, LUNC price is still trading above the 6-week descending trendline and is expected to continue in sideways movement until a broader crypto market recovery. This will break the support turn resistance level (red) to bring an upside momentum in the LUNC price.
Trading volume and derivatives trading are key factors to track for further price action in the coming days. Experts such as Arthur Hayes predicted a rebound in the crypto market, but under a condition.
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