Cryptocurrency exchange Binance has announced a burn mechanism on Terra Luna Classic (LUNC) spot and margin trading fees. 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 data platform that tracks the activities of the top 2,000 cryptocurrencies. Its analytics platform predicts Terra Luna Classic (LUNC) will experience massive volatility for a week.
cryptocoin.comAs you follow, Binance has announced that a burn mechanism has been implemented in LUNC spot and margin trading fees. Binance is the world’s largest exchange by 24-hour trading volume. Santiment’s prediction also came after this announcement of the world’s largest cryptocurrency exchange. Binance has supported efforts to reduce the circulating supply of the token. In this context, all LUNC will send spot and margin trading fees 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 at $0.00018. However, the Binance announcement caused the price of the token to jump as high as $0.0003272. Since then, the price of LUNC has experienced slight fluctuations. 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 be implementing a burn mechanism on Binance trading fees, it finally got some positive news.”
The cryptocurrency on-chain metrics platform noted that for Terra Classic investors, these days, nothing is better than nothing. “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 burn address where people can voluntarily send some LUNC tokens. The community has managed to burn billions of LUNC tokens. Despite this, LUNC has imposed a 1.2% tax burn on all on-chain transactions in an effort to increase the burn rate. So far, several exchanges have implemented the burn offering, which also positively contributes to the price of the token.
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