NAIROBI (CoinChapter.com) — Terra Luna Classic’s (LUNC) market saw heightened volatility recently, with the token’s value falling by 10% despite aggressive burn activities by the community. LUNC continued to experience withdrawals from the Shuttle Bridge past its scheduled closure date of Oct. 31, raising questions on platform oversight as the community anticipates an official response from TerraForm Labs (TFL) and node provider Allnodes regarding the delayed shutdown.
Binance Burns 1 Billion Tokens, but Price Pressure Mounts
Crypto exchange Binance’s 27th burn batch saw 1.048 billion LUNC tokens incinerated, valued at approximately $95,074. This brings the community’s total LUNC burn count to nearly 137 billion tokens since the burn strategy began. Binance’s move involved burning 50% of LUNC spot and margin trading fees collected between Sept. 30 and Oct. 30, with additional tax costs totaling 5.2 million LUNC. The burn comes on the heels of heightened community activity, with a single-hour transaction burning 49,472.28 LUNC.
In the past 24 hours alone, LUNC’s burn rate jumped by 2,494%, with 7,062,267.40 tokens burned through tax mechanisms and direct transactions. Yet, despite this burn activity, LUNC’s price continues to decline, highlighting doubts about whether the current burn rate can support its valuation.
LUNC Price Sees Drop with Hints of a Technical Rebound
Terra Luna Classic (LUNC) is trading at $0.00008931, down 8.22% in the past 24 hours. Technical indicators suggest possible upward movement as LUNC recently broke out of an ascending triangle pattern. However, the Moving Average Convergence Divergence (MACD) reveals continued selling pressure, with minor bullish signs as the MACD line moves slightly above the signal line.
Notably, key support for Terra Luna Classic (LUNC) holds firm at $0.00008, with resistance expected around $0.0001 and $0.00013. Trading volume for LUNC has dropped by half, reflecting cautious moves by investors as volatility persists. USTC, a sibling token, followed a similar path, falling over 10%, signaling a broader uncertainty across the crypto market.
Above all, with the Shuttle Bridge issue unresolved and community burns ongoing, Terra Classic’s path remains uncertain. Whether these efforts can drive stability in LUNC’s price remains to be seen.
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