After days of impressive price growth, Terra Classic (LUNC) tumbled over 13% as investors took profits. Terra Classic (LUNC) was the top-earning altcoin of December 27 as its price increased by more than 18%.
On the other hand, at press time, LUNC is trading at $0.00015, down 11.24% in the last 24 hours. The crypto asset gained 22% last week and has recorded five positive days in seven days since December 22.
The largest crypto exchange Binance has changed its ongoing support for LUNC supply reduction. Following the recent developments outlined in proposals 10983 and 11111, where the LUNC burn was reorganized as a development fund, Binance announced that from December 2022, it will burn 50% instead of 100% of the LUNC spot and margin trading fees. It also added that it will delay the sending of LUNC transaction fees to the fuel wallet until March 1, 2023.
While Binance says it will continue to work with the community to support the implementation of this new plan, it also states that if this is not possible, it may withdraw its burn contribution for the altcoin in the future.
The seventh batch of LUNC to be incinerated will be calculated from November 30 to February 27, 2023 and will be burned on March 1, 2023. The sixth incineration process was completed on 1 December 2022.
You can follow the current price action here.