Terra Classic’s life is starting to improve thanks to Binance, a leading cryptocurrency exchange platform.
- Binance adds three billion LUNC to its total, bringing the number of units that have been burned up to 17.9 million.
- LUNC shows a brief price rise, up by 5% within the last 24 hours.
- Terra Classic might see its price rise by 12% to $0.00018
You may recall that the company sent all LUNC transaction spot and margin trading fees to a wallet address on September 26th, 2022.
This was Binance’s response to the proposal of the Terra Classic community to maintain good trading experience for its users.
Around 17.9 billion LUNC tokens were destroyed since then. A new process was initiated by crypto exchanges and resulted in the destruction of three billion crypto units.
This development was met with positive reactions by Terra Classic, which saw a 5% increase in its stock price over the past 24 hours. However, can LUNC do more to gain?
Terra Classic Does Not Sailing Smoothly
After another large-scale burning, Binance’s digital token did not capitalize.
LUNC Rice is currently offering a 12% discount, and investors are wondering if it’s worth buying the dip.
As of press time tracking data from CoincodexLUNC trades at $0.000277, and has fallen by 7.55% in the last 24 hours as it rapidly relinquished its 5% peak earlier.
Buyers were busy trying to rallies the asset in order to maintain its price recovery, and to close to the $0.00036 resistance.
Sellers were however quick to counter this by placing a lot selling pressure. The LUNC coins once more displayed bearish signs.
A crypto may see a drop of 12% to $0.000271-$0.00026. Failure to hold this level would mean significant price slashing, putting the asset’s trading price to $0.00018.
LUNC’s Lingering Struggles
Terra Classic has had a difficult year. Apart from being outperformed Bitcoin, Ethereum and all the other top 100 crypto assets, Terra Classic has struggled to stay afloat.
The stock has lost 100 percent of its record-setting $119.01 value, which was achieved on April 5, this year. It is currently sitting at a annual inflation rate of 1,534 969 9.16%.
Currently its investors believe that LUNC trading on Binance is an oversold stock and may so rise in the near future.
However, if the current burning mechanism being implemented by the crypto exchange doesn’t successfully push the token’s price, investors might start to move away from it no matter how much discount there is.
Featured image by Criptokio. Chart: TradingView.com| Featured image from Criptokio, Chart: TradingView.com