Terra Luna Classic Price Prediction as Binance Burns $916,000 worth of LUNC
Terra Classic remains one of the most traded cryptos in the space as it attracted more than $450 million in volume in the last 24 hours.
The news comes after Binance revealed that its latest burn effort saw nearly 3 billion LUNC permanently deleted from its supply, equivalent to nearly $1 million.
In late September, Binance CEO Changpeng Zhao revealed that the world’s largest crypto exchange would achieve a 1.2% burn on its transaction tax, backdated to September 21st.
The first LUNC burn, which covered September 21 to October 1, saw more than 5.5 billion LUNC taken out of supply and the second – the week of October 1 to 8 – saw another 2.9 billion wiped out.
The burn has cost Binance nearly $3 million, but the exchange sees the vast majority of LUNC trading taking place on their platform as a result of the announcement.
Increase in LUNC burn effort
As the table below shows, the burning effort has resulted in Binance removing a total of 8,588,471,344.33 LUNC, which has a dollar equivalent of $2,993,480,008.16.
The news has sparked renewed burning efforts by the wider Terra Classic community, with more than 18 billion tokens burned in total and 10% of LUNC also staked and out of circulation.
Despite the good news on the burn, the price remains extremely volatile with the coin a favorite among traders and scalpers.
LUNC is down 2.5% in the last seven days despite billions of tokens being taken off the market.
In the last 24 hours, prices have fallen as low as $0.0002761 and as high as $0.0002994 – a swing of 8%.
However, data from Messari shows that LUNC volatility has actually decreased significantly since the beginning of October.
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USTC and Terra 2.0 (LUNA) pump
Making the water for the Terra Classic is that the USTC and Terra 2.0 have both pumped in the last 24 hours.
USTC, the new stablecoin developed by Terraform Labs, made it as high as $0.0621 early Wednesday (a 110% gain in 7 days) before a 25% pullback to $0.0463.
Similarly, Terra (LUNA) is up 11% in 24 hours – with volume up 150% to $640 million.
The price jump comes on the back of a proposal to relink the USTC by Tobias Andersen, a blockchain engineer and senior developer at Bitcoin Suisse AG.
Members of the LUNC community also blame whale manipulation and another pump and dump.
Twitter user Bull.BNB wrote: “[Terra founder] Do Kwon screwed us all, especially those who tried to save LUNA.
“He came up with another symbol and now people are saying trust them again?
“He’s a fugitive and his chain is a disgrace. LUNC is what we’re here for and not LUNA.”
Terra Classic Price Prediction
The Terra Classic – often referred to as the Luna Classic or Terra Luna Classic – has become almost impossible to predict accurately, especially at long-term price, given the number of market forces surrounding it.
As is known in the crypto space, the May Terra crash not only wiped out $60 billion of investors’ money, but the failure of the protocol created around 7 trillion new coins.
Although the burning stake is constantly increasing, and the LUNC community is one of the best and most organized in the area, the large number of tokens means that it will take a long time to reduce the supply significantly.
The lack of utility in the project and its susceptibility to traders and scalpers means it may struggle to sustain long-term growth if the community loses energy.
Terra Luna Classic Alternative – Tamadoge
An alternative project to LUNC is Tamadoge, a meme coin project that also offers games to earn money and NFT ownership in its ecosystem.
The TAMA token has a supply of just 2 billion and includes a deflation mechanism that sees 5% of tokens burned when items are purchased in the game’s pet shop.
TAMA pumped almost 2000% after the initial exchange offer and can pump again with its game, an augmented reality app and NFTs all on the roadmap.
Buy TAMA on OKX CEX
Buy TAMA on OKX DEX
