The cryptocurrency space has witnessed a flurry of activity this week, with Terra Luna Classic (LUNC) undergoing a core upgrade, Floki Inu (FLOKI) experiencing a post-token burn price increase, and Ethereum grappling with rising transaction fees. Additionally, SHIB coin burning has also accelerated.
New developments for Terra Luna
The Terra Luna Classic community has overwhelmingly approved a proposal for significant core upgrades designed to increase security, functionality, and interoperability. The offering from developer Original Labs has garnered a staggering 99.95% approval rate. Additionally, the LUNC burn rate has increased significantly this month, with an average daily burn of 200 million tokens.
According to StakeBin data, 1.3 billion LUNC tokens were burned this week. The decline in supply led to a more than 2% increase in futures open interest on major derivatives exchanges. LUNC’s price reacted positively to news of the upgrade, rising 1% in the last 24 hours and 12% in the past week. Currently, LUNC is trading at $0.000193. In addition, the burn rate of the token also increased rapidly.
Post-burn flight on ETH and FLOKI
FLOKI reflected a different trajectory this week, with its market value rising following a massive token burn. The Floki DAO effectively burned 190.91 billion FLOKI tokens, worth over $47 million, on both the Ethereum and Binance Smart Chain networks. This strategic move not only reduced the circulating supply, but also triggered a significant price increase, attracting the attention of investors and increasing the price of FLOKI by 17% in 24 hours.
Ethereum’s blockchain has also been struggling with an increase in transaction fees in recent weeks. This phenomenon can be attributed to the combination of the strong increase in ETH price and the increase in memecoin trading activity. Average gas prices have reached their highest levels in the last two years, hovering between $40 and $60, creating hardship for users due to rising costs.
The implementation of EIP-1559 in August 2022 created a promising development amid rising gas fees. This mechanism contributes to a deflationary effect on the Ethereum network by burning some of the transaction fees. Last month, statistics reveal that the Ethereum network burned 148,735 ETH, worth more than $580 million.
SHIB coin did not rise despite burning news
Surprisingly, Shiba Inu (SHIB) price has failed to show a positive reaction despite the intense efforts of its developers. In the last 24 hours, the burn rate has increased by a staggering 23,133%. Developers burned more than 13 billion tokens; This equates to roughly $463,000 at current market rates. However, SHIB’s price defied expectations, falling over 23% from its annual high on March 5.
Technical analysts remain optimistic and suggest that this price action could be a consolidation phase before further gains. On the other hand, cryptokoin.com As we reported, Shiba Inu lead developer Shytoshi Kusama is actively campaigning for ShibaSwap’s native token, BONE, to be listed on Binance, the world’s largest cryptocurrency exchange.
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