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Why Luna Classic Price Eyes $5 target After Burn Tax Implementation

Cryptocurrency Oct 03, 2022 02:00PM ET
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Why Luna Classic Price Eyes $5 target After Burn Tax Implementation
 
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  • Luna Classic price has yielded 60% gains over the past week as traders awaited the announcement of LUNC burn from Binance.
  • Massive spike in trading activity pushed LUNC in the top ten cryptocurrencies by trade volume.
  • LUNC price is eyeing the $5 target as sentiment among traders and holders turns bullish.

Luna Classic (LUNC) is the new token of Terra blockchain which imploded in May 2022. LUNC yielded 60% gains for its holders over the past week. While traders await an update on the final token burn numbers from Binance, the sentiment among LUNC holders remains bullish.

LUNC’s weekly gains are impressive, however it is a farcry from where the token started. LUNC hit an all-time-high of $119.18 six months ago and since then Terra Classic has struggled to recoup its losses. Its interesting to note that trading activity in Luna Classic has exploded overnight, to the extent that LUNC currently ranks in the top ten cryptocurrencies by trade volume.

$899.75 million worth of LUNC exchanged hands in the last 24 hours and this makes Terra Classic the sixth largest cryptocurrency my trade volume. On October 3 Binance announced plans to cut Luna Classic’s supply for the community. The world’s largest exchange by volume assured LUNC holders that a burn mechanism will be implemented to burn all the trading fees on LUNC spot and margin trading pairs. The trading fee will be sent to a LUNC burn address, permanently removing those tokens from circulation.

Lightcrypto, a pseudonymous crypto analyst identified the amount of LUNC burned by Binance ahead of the official announcement. The total LUNC burn for the first period is 5,595,907,839, worth approximately $1.9 million. The analyst believes this is the highest LUNC burn that the exchange will ever do. Due to the announcement of the burn and the massive trade volume, LUNC added over $1 billion in market capitalization.

LUNC burn by Binance (Source: Terra Finder)

Binance shared an official announcement in response to the LUNC community proposal on burning trading fees while maintaining a good trading experience for users. The exchange will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs, every week, by sending them to the LUNC burn address.

Analysts believe LUNC is closer to a massive rally as Binance implements the burn and sentiment among holders in the crypto community turns bullish. Cryptocurrency price prediction website, Telegaon believes Luna Classic could hit as high as $5.23 in 2030 and the average price would remain above $3.11.

Luna Classic price could chase the $5 target sooner if burn implementation reduces the token’s supply at a fast pace.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of Coin Edition. No information in this article should be interpreted as investment advice. Coin Edition encourages all users to do their own research before investing in cryptocurrencies.

The post Why Luna Classic Price Eyes $5 target After Burn Tax Implementation appeared first on Coin Edition.

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Why Luna Classic Price Eyes $5 target After Burn Tax Implementation
 

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Comments (1)
Aaron Michael
Aaron Michael Oct 03, 2022 3:02PM ET
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Hopefully Wrapped Luna Wluna will see that price too.
 
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