Cryptocurrency fans are speaking about Terra Classic (LUNC) as it becomes the overwhelming focus with its eminent price swings and strategic burn programs.
Terra Clasic’s Impressive Performance
After going through a tough ride in 2022, with LUNC hitting highs above $100 prior to taking a dip, the token has gotten the community’s attention once more. As of late, it saw a remarkable 14% increase, reaching $0.0001407 in seven days. Be that as it may, an ensuing 8% drop from the top, along with a significant 38% decrease in trading volume (presently at $154,646,132), adds another layer of complexity.
Read Also: Terra Coins Poised for Bullish Run as Crypto Market Recovers
Binance Contribution
To handle these challenges, Binance started a burn program, taking out an incredible $100 billion worth of LUNC tokens from circulation. This move, comprising more than 51% of the total burning action, played a key part in the new price the asset has seen.
Yesterday marks the nineteenth burn occasion for LUNC, expected to keep up with the upward energy and possibly trigger more market movement.
Diving Into The Market Situation
With a circulating supply of 5.7 trillion and a total supply of 6.8 trillion tokens, the LUNC community is effectively upgrading utility, Securing Finances, and expanding the burn rate. Regardless of the positive effect of the eighteenth burn on LUNC prices, market conditions at that period played a significant part. The crypto market, driven by notable coins like Bitcoin and Ethereum, as of late experienced fluctuations, adding a component of uncertainty.
Taking into consideration the historical data of Terra Classic’s performance, the coin hit a record high of $119.01 on April 5, 2022, and an all-time low of $0.00001651 on May 13, 2022. The lowest from that point forward has been $0.00001651, while the highest came to $0.000590.
Read Also: $1 For LUNC Is Possible After Bitcoin Halving, Here Are What Could Make It Possible
The prediction for Terra Classic’s price at the moment is bearish, with the Fear and Greed Index standing at 80, flagging outrageous greed in the market.
The Dynamics Of The Market In-Play
As Bitcoin approaches $64K, Terra Classic (LUNC) and USTC values are rising. This rise followed the liquidation of LUNC, 1000LUNC, and USTC stakes. LUNC recorded a 10% rise within 24 hours and an impressive 45% increase, reaching $0.000143, with trading volume up by 245%.
USTC, regardless of a 1% dip in 24 hours, keeps up with strength with a 42% surge in a month, trading at $0.0365, and boasting a 58% increment in trading volume.