Binance Sets Up New LUNC Burn Portal: Can Price Bounce?

Right before the completion of another monthly Luna Classic (LUNC) burning batch, Binance opened the gates to a new LUNC burn portal. In this dedicated section, Terra Luna Classic (LUNC) real-time burning stats are depicted along with Giggle Fund (GIGGLE), a project by Changpeng ‘CZ’ Zhao’s own Giggle Academy.

“Binance continues to treat LUNC differently — because they know the Terra Classic blockchain is truly special.”, - uttered Z3r0w, a strong community voice in the game-tested Luna Classic community. Referring to the new LUNC burn website, the trader alerts the crypto community of immediate on-chain burn tracking, now reflecting on Binance in a real-time manner.

For now, there’s 5.48 trillion of LUNC tokens waiting to be burned, stemming from the initial 6.46 trillion tokens. This over-printed supply started rapidly diminishing after the Terra Luna stablecoin de-pegging back in mid 2022, causing USTC to crumble into pieces in a matter of weeks.

After the infamous UST stablecoin dip, the community took it upon themselves to reduce Terra Luna Classic’s (LUNC) supply, now nearing a 1 trillion milestone. While Binance remains committed to the LUNC token reduction ceremony, other exchanges like KuCoin & LBank have also been urged to contribute, as on most days the burning records remain modest.

While the negotiations remain on hold, Terra Luna Classic’s staking ratio remains beyond 15% even as the market value remains unpleasant. On the other hand, yesterday’s overall market dip by 1% to $2.38 trillion has doubtlessly touched LUNC - someone unstaked 161,434,667 LUNC tokens immediately after the market started dipping.

Overall, Luna Classic (LUNC) conceded a drop of 6,588,022,792 in staked LUNC tokens over the past 24 hours, according to Stats Bin. With no immediate buying power from retail & the geopolitical tensions still rattling the global financial markets, this paints a dark picture of near-term selling pressure unless a new catalyst arrives.

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