- Terra Classic’s coin LUNC gained a 25% rise in its price.
- For the last 6 days, the price of the coin had been declining.
- LUNC’s trading volume had increased by 153%.
Terra Classic’s native cryptocurrency LUNC had a rise in its price by 25% suddenly after a considerable fall in price during the past six days. The coin price was wavering between a 13.67% increase in the last 24 hours and a 6.61% fall in the last week. The trading volume of LUNC also had an increase of 153%.
In the previous week, the coin had been considered to be the most unprofitable asset among the 100 largest cryptocurrencies as it lost almost 25% of its price during the week.
It can be understood that the disclosure of the details regarding the burning of LUNC on Binance, the crypto exchange, resulted in the sudden decline in the coin’s price.
Changpeng Zhao, the CEO of Binance tweeted some hours before, announcing the implementation of Terra Classic Burning:
» Binance To Implement Terra Classic (LUNC) Burn Mechanism
Quick thread on what we’re doing and why below.https://t.co/b86RlCGPmv
— CZ 🔶 Binance (@cz_binance) September 26, 2022
However, within the last 24 hours, LUNC witnessed a recovery, marking a great gain. An initiative taken by the traders to sell as well as buy tokens could have led to the increase in the trading value of LUNC.
As a result of the launch of 1.2 % tax burn on September 21, LUNC found a notable rise in interest. However, the interest hike saw a sudden fall of almost 90% from September 17.
On the basis of technical analysis, it could be identified that that LUNC had been moving on a faster pace for last few hours:
Many LUNC holders anticipated the implementation of a token burning tax while transacting on Binance, but Changpeng Zhao, denied the idea. Alternatively, he provided a subscription for each member to burn the cryptocurrency. Also, he said that a full-fledged solution could be expected only when 50% of LUNC trade volumes are completed with the subscription.
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