Terra Luna Classic Hit Major Burn Milestone, LUNC Price Breakout Imminent?
Highlights
- LUNC has burnt over 405 billion tokens since May 2022
- With USTC also seeing massive 3 billion token burn, price outlook has shifted positively till date
- Terra Luna Classic ecosystem is optimistic of an epic price breakout soon
The Terra Luna Classic (LUNC) ecosystem has seen a breakthrough as the total number of tokens burnt has crossed the 400 billion milestone. This development has triggered a renewed sentiment regarding a potential boost in LUNC price after the recent market-wide drawdown.
The Terra Luna Classic Burn Outlook
According to the current Terra Luna Classic burn tracker update, the ecosystem has torched 405,867,335,786 LUNC. Beyond this, the ecosystem also saw the burning of 3,510,760,806 USTC to double down on its deflationary strategy. Notably, this burn LUNC and USTC spanned only from May 2022 when the Terra ecosystem imploded.
Specifically, over the seven days leading to March 8, approximately 1.2 billion LUNC was burned through tax mechanisms. The protocol’s biggest token burn ally, Binance, contributed immensely to the latest torching.
Binance Exchange helped eliminate 760 million LUNC from circulation, which is the February trading commission income. The recent reaffirmation of Binance LUNC backing has further placed the spotlight on the token’s price rally.
It is worth noting that the Terra Luna Classic burn mechanism is achieved through multiple means. These include onchain tax burns and community and partner contributions.
Terra Luna Classic Price Outlook
Despite the historic shift in the burning program in the ecosystem, the LUNC price is yet to move in tandem. However, at the time of writing, the LUNC price was changing hands for $0.00005976, up 2.05% in the past 24 hours.
Over this period, the token has moved from a low of $0.00005505 to a daily high of $0.00006067 before settling at the current price. The Terra Luna Classic has faced intense pressure over the past few months amid the broader market scrutiny.
As selloff pressure intensified, LUNC saw a 5.74% decline in the trailing 7 days, with the Year-to-Date (YTD) slump coming in at 46%. Just like LUNC, the price of USTC is up by 6.3% to $0.01195. The stablecoin has effectively trimmed its weekly losses to 7.49%
An earlier LUNC price analysis considered the prospect of a 90-day breakout. While the token has a promising deflationary feature, broader market sentiment forms a headwind.
LUNC Ecosystem Updates
Earlier this year, the Terra Luna Classic protocol detailed five major developments designed to guide its growth in the short term. These updates include the removal of fork modules and token burn, among others. While the project has delivered on most of its plans, the move to enhance the ecosystem remains pivotal.
With the latest LUNC and USTC burn, ecosystem sentiment is likely to trigger a breakout in the short term.
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration
- SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
