Binance has burned an extra 2.5B Terra Classic (LUNC) tokens in its third round of weekly off-chain burns despite the low trade volume that Binance had announced to implement a Terra classic (LUNC) burn mechanism to burn all trading fees for Terra Luna Classic (LUNC) tokens.
The largest exchange in the world has made another huge burn totaling $659M+ after two weeks of continuous burning.
The trading fees that Binance had accrued from the trading of LUNC between September 21 and October 1 have all been burned.
Binance had announced to implement a Terra classic (LUNC) burn mechanism to burn all trading fees for Terra Luna Classic (LUNC) tokens.
This amounts to nearly $1.8 million in LUNC, which at the current price of the alternative currency, is comparable to burning 5.8 billion LUNC. The market seems to have interpreted such widespread devastation as a hint that Binance is prepared to assist in restoring the price of LUNC, which infamously crashed in May after Terra released billions of new LUNC (then known as LUNA) in an effort to maintain the price of stablecoin UST.
LUNC Price Analysis
At the time of writing LUNC is currently trading at $0.0002645 which is a 2.52% price increase. In the last 24 hrs, it has traded as low as:$0.0002571 and as high as $0.0002702. The trading volume is $226,891,523 while the market capitalization is $1,827,902,586. The are 6,151.07B LUNC circulating in the market.
The Bollinger bands have formed a narrow pattern as a result of the bullish movement while other indicators like MACD and RSI are also showing bullish momentum. The RSI is currently at 45 and seems to be heading toward the overbought region.
Meanwhile, investors are advised to approach the market with caution since cryptomarket is highly volatile.