- Nearly 40 dApps support Luna Classic (LUNC), and the number keeps growing.
- Top exchanges like Binance have implemented the LUNC burn mechanism.
- LUNC has recently outperformed various meme coins like Dogecoin and Shina Inu.
Terra Classic may outperform Dogecoin and Shiba Inu in the short term, with top exchanges burning over 12.5 billion of LUNC tokens and the mass adoption of its stablecoin, LUNA, by major platforms like Binance. Binance announced a higher frequency of LUNA token burns to increase scarcity and drive up demand. Additionally, the Luna Classic platform has strong fundamentals, with over 40 dApps currently supporting it and more being added every day.
After the fifth batch of trading fees on LUNC spot and margin trading pairs had been removed from circulation. Binance modified its LUNC burn mechanism and declared that this procedure would take place monthly rather than weekly. In the most recent weekly burn, 1.5 billion LUNC were lost.
Dogecoin and Shiba Inu have seen rapid price gains but lack the strong fundamentals and real-world use cases that Terra Classic offers. However, Dogecoin’s supply is not limited, making it susceptible to inflation. Exchanges pulled a significant amount of LUNC from circulation during the burning tax. Due to meme coins like Dogecoin and Shiba Inu, this still needs to raise the price of LUNC.
LUNCH is currently trading in a declining symmetrical triangle and could soon be due for a breakout. Despite the declining channel, LUNC has been trading higher highs and higher lows, indicating bullish momentum. Much earlier than the DOGEUSDT price in mid-August of this year, the SHIBUSDT price crossed the trend-falling channel.
However, based on the +150% increase in the price of DOGECOIN over the last week, it appears that there are considerably more purchasers of the “older brother” of DOGE. This could mean that Dogecoin may continue outperforming Luna Classic in the short term. LUNC is currently trading at $0.000238 after a price slump of 3.32% in the past 24 hours. On the other hand, Dogecoin is trading at $0.1427 after a 16.54% price increase in the same time frame, while Shiba Inu’s current price is $0.00001287, with a 5.07% decrease in the past 24 hours.
LUNC is up against the 21-day and 50-day moving averages, and a breakout could signal further bullish movement. The technical analysis for LUNC/USD on the weekly chart shows an intact downtrend in the last couple of weeks. However, LUNC/USD managed to break above the descending triangle pattern and is currently trading at $0.0002374 as it tests resistance at $0.00035.
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