Why Terra Classic Recovery Lingered Despite Binance LUNC Burn
Binance, a top crypto exchange platform recently burned 1.19 billion Terra Classic tokens, bringing the total LUNC burn to almost $65 billion. Despite this significant burn as per finder data, the Terra Luna Classic (LUNC) community has seen a decline in the burn mechanism’s activity, with the amount decreasing over time.
The price of Terra Classic (LUNC) has faced challenges due to the delayed implementation of Tax2Gas and concerns related to security and pull requests issues. As a result of these factors, the price has experienced a 15% decline within a week. Additionally, there has been community debate regarding the violation of chain rules by some validators, impacting the price further.
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In the broader crypto market, the uncertainty and volatility have put pressure on altcoins, leading to a selloff. The market is now awaiting US jobs data to gauge the direction of the market in the coming days.
LUNC Price Decline Continues
Terra Luna Classic price continues to trade within a range, showing weakness and lack of investor interest, as evidenced by the 6% drop in 1000LUNC futures open interests on Binance and Bybit in the last 24 hours.
On the other hand, the USTC price has seen a modest increase of more than 1%, currently trading at $0.0156. Traders have shown interest in buying the dip, leading to a 53% rise in trading volume over the last 24 hours.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
