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LUNC coin has seen a lot of volatility in the past few days, both the buyers and the sellers are active, depicting a rounding bottom pattern
LUNA is a cryptocurrency on the Terra Blockchain which was created from its previous blockchain and has now been transformed into Terra Classic (LUNC). It was established on May 28, 2022, following a well-executed fork, which was an important milestone in the development of the new chain.
The mechanism that was formerly known as LUNA, which provided stability to the Terra Classic stablecoin USTC, is no longer functioning due to the shutdown of its associated mint and burn operations. On November 22, Terraform Labs invested $15 Million into two projects within the Terra ecosystem to enhance liquidity for elite assets such as Bitcoin and Ether and to prepare for DeFi applications.
LUNC Token is Making A Rounding Bottom
Terra Classic [LUNC] experienced high trading volume in the previous four days. A month ago, the market structure on the daily timeframe chart favored the buyers. The uptrend has continued, thanks to the bulls.
Bitcoin [BTC] traded within the $61k-$63k range and seemed to be consolidating after the recent rally. This consolidation could lead to LUNC prices recovering too.
LUNC token experienced a brief 80% hike, which was short-lived, as it had a dip of about 28% the following day. LUNC has a history of a drastic fall that scared the crypto market.
This recent hike was the first positive sign for LUNC after eight months of poor performance. The last time LUNC price performed well was on May 12, 2023, that too at a price of $0.0002173.
LUNC reached its all-time-high value of $119.18 about two years ago on April 5, 2022, but it has since fallen by 100%. Currently, it is trading at $0.0001836, with a 22% hike from yesterday.
In addition to this, LUNC price experienced a shallow dump and is now recovering with a trading volume of $221,176,948. Interestingly, the trading volume decreased by 45%, indicating a low number of transactions today.
Today’s hike has already covered yesterday’s 28% drop, as it is trading with a hike of 50%. Two main reasons behind yesterday’s price drop included token burning and crypto market sentiment.
Binance Has Burned More Than 2 Billion LUNC
Recently, Binance completed the 19th batch of LUNC burning sessions on March 1st, where it burnt 2,243,572,668 worth $321,301 Terra classic token LUNC. This brings the total to 102 Billion LUNC burning in total by the community.
Binance is responsible for burning 53.48 Billion in 2,956 transactions. This burning process has been ongoing since May 2022, and up to now, 19 such burning rounds have taken place.
Binance burned $270 Million worth of trading fees in the last month. The community burnt 400 Million LUNC every week, including exchanges, validators, projects, and individuals.
Summary
Terra Classic [LUNC] had a high volume in the last 4 days. A month ago, buyers had an advantage on the daily chart. LUNC has regained some of its prices from yesterday’s drop, and it remains to be seen how the graph will move further. Binance’s recent burning caused the initial price fluctuation of the Terra Classic token, which then experienced a dip of around 28%.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or any other related indexes comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
