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March 24, 2023
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Top Reasons Why LUNC Price Still Stuck in Rut despite Terra Classic Burn Spikes

The post Top Reasons Why LUNC Price Still Stuck in Rut despite Terra Classic Burn Spikes appeared first on Coinpedia Fintech News

Changpeng Zhao, the CEO of Binance, has disclosed that cryptocurrency exchanges would be entitled to a 1.2% burn on the transactions tax, retroactive to September 21. As one of the most actively traded cryptocurrencies on the market, Terra Classic attracted more than $450 million in volume recently. 

More than 5.5 billion LUNC were destroyed in the first LUNC burn, which took place from September 21 to October 1, and an additional 2.9 billion were destroyed in the second burn, which took place from October 1 to October 8.

The fact that more than 5 billion tokens have been burned with tax shows that the burn protocol is operating as intended. 

Now, LUNC traders would be pleased to know that there is yet another positive piece of information for the asset. 

LUNC Burn: Blessing In Disguise For Binance

Binance claims that this burn has cost them $3 million, but as a result of the news, most LUNC trade is now occurring on their platform. This happens after a recent hack of the exchange where hackers attacked the BSC Token Hub, a cross-chain bridge that facilitates the transfer of assets between independent blockchains – namely BNB Beacon Chain and BNB Smart Chain.

As of the time of writing, LUNC is trading at $0.000283, an increase of 4.58% in price from the previous day when it traded as low as $0.0002578 and as high as $0.0002893. According to coinmarketcap, the trade volume is $441,345,638 and the market capitalization is $1,948,925,342.

Source: Tradingview

RSI is currently at 49 and appears to be moving toward the overbought area, indicating that LUNC is bullish. Indicators like the Bollinger bands are also moving in the same direction. However, given that the cryptocurrency market is so unpredictable, investors are advised to exercise prudence when making decisions.

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