Cryptocurrency exchange Binance has announced a burning system for Terra Luna Classic (LUNC) spot and margin trading prices. After that, the altcoin price skyrocketed. Santiment predicts that the LUNC price will see volatility for a week.
LUNC price skyrocketed with Binance announcement
Santiment is a leading crypto information platform that tracks the activities of the 2,000 largest cryptocurrencies. Its analytics platform predicts Terra Luna Classic (LUNC) will experience massive volatility for a week.
Koindeks.com As you follow, Binance announced the implementation of a burn system on LUNC spot and margin trading prices. Binance is the world’s largest exchange with a 24-hour trading volume. Santiment’s prediction also came after this announcement of the world’s largest cryptocurrency exchange. Binance has bolstered its efforts to reduce the circulating supply of the token. In this context, it will send all LUNC spot and margin trading prices to the official LUNC burn address.
Following the announcement, LUNC’s price reacted positively to the news. The altcoin price has gained more than 42% in the past 24 hours. 24 hours ago, LUNC was trading around $0.00018. However, the Binance announcement caused the price of the token to jump as high as $0.0003272. Since then, LUNC’s price has fluctuated slightly. The altcoin is changing hands around $0.0003016, up 42.44% in the last 24 hours at press time.
Santiment’s altcoin price prediction
Commenting on the development, Santiment said, “When Terra Classic announced that it would implement a burn system on Binance trading prices, it finally got some positive news.”
The cryptocurrency on-chain metrics platform has stated that for Terra Classic investors, there is more than just nothing these days. “We expect volatility in the price of the asset to continue throughout the week,” Santiment explained.
Attempt to burn LUNC investors
The Terra ecosystem suffered a massive collapse that resulted in an extinction of $60 billion. After this collapse, it returned to the market as Terra (LUNA) and Terra Classic (LUNC). Now, the Terra Classic community is making an effort to revive LUNC and USTC from the ashes.
The community aims to reduce the circulating supply of the token. In this context, it has created a burning address where people can willingly send some LUNC tokens. The community has managed to burn billions of LUNC tokens. In contrast, LUNC has imposed a 1.2% tax on all on-chain processes to increase the burn rate. So far, several exchanges have implemented the burn offering, which also positively contributes to the price of the token.