Terra Classic remains one of the most traded cryptos in the space as it attracted more than $450 million in volume in the last 24hrs.
The news comes after Binance revealed its latest burn efforts saw nearly 3 billion LUNC permanently erased from the supply, equal to nearly $1 million.
In late September, Binance CEO Changpeng Zhao revealed the world’s largest crypto exchange would honor a 1.2% burn on the transactions tax, backdated to September 21.
The first LUNC burn, which covered September 21 to October 1, saw more than 5.5 billion LUNC taken out of supply and the second – the week from October 1 to 8 – saw another 2.9 billion wiped out.
The burn has cost Binance nearly $3 million but the exchange is seeing the vast majority of LUNC trading taking place on their platform as a result of the announcement.
LUNC Burn Efforts Increase
As the table below shows, the burn efforts have seen Binance remove a total of 8,588,471,344.33 LUNC, which has a dollar equivalent of $2,993,480,008.16.
The news has sparked renewed burn efforts from the wider Terra Classic community, with more than 18 billion tokens burned in total and 10% of LUNC also being staked and out of circulation.
Despite the good news on the burn the price remains extremely volatile with the coin a favorite of traders and scalpers.
LUNC is 2.5% down on the past seven days despite billions of tokens being taken off the market.
The last 24hrs has seen the price dip as low as $0,0002761 and as high as $0.0002994 – an 8% swing.
However, data from Messari shows the LUNC volatility has actually decreased significantly since the beginning of October.
Buy LUNC Now on eToro
USTC and Terra 2.0 (LUNA) Pump
Muddying the waters for Terra Classic is that USTC and Terra 2.0 have both been pumping in the last 24hrs.
USTC, the new stablecoin developed by Terraform Labs, made it as high as $0.0621 in the early hours of Wednesday (a 110% increase in 7 days) before a 25% retraction to $0.0463.
Equally, Terra (LUNA) is up 11% in 24hrs – with volume up 150% to $640 million.
The price jump comes off the back of a proposal to re-peg USTC by Tobias Andersen, a blockchain engineer and senior developer at Bitcoin Suisse AG.
LUNC community members are also blaming whale manipulation and another pump and dump.
Twitter user Bull.BNB wrote: “[Terra founder] Do Kwon screwed us all up, especially the ones who tried rescuing LUNA.
“He came up with another token and now people are saying trust them again?
“He is a fugitive and his chain is a sham. LUNC is what we are here for and not LUNA.”
Terra Classic Price Prediction
Terra Classic – often referred to as Luna Classic or Terra Luna Classic – has become near-impossible to accurately predict, especially on its long-term price, given the number of market forces around it.
As is well known in the crypto space, the Terra crash in May not only wiped out $60 billion of investors’ money but the failure of the protocol created around 7 trillion new coins.
Although burn efforts are ever-increasing, and the LUNC community is one of the best and most organized in the space, the sheer number of tokens means burn efforts will take a long time to significantly reduce the supply.
The lack of utility in the project and its susceptibility to traders and scalpers mean it may struggle to sustain long-term growth should the community lose energy.
Terra Luna Classic Alternative – Tamadoge
One alternative project to LUNC is Tamadoge, a meme coin project that also offers play-to-earn gaming and NFT ownership in its ecosystem.
The TAMA token has a supply of just 2 billion and includes a deflationary mechanism that sees 5% of tokens burned when items are bought in the game’s pet store.
TAMA pumped nearly 2,000% after its initial exchange offering and may pump again with its game, an augmented reality app, and NFTs all in the roadmap.
Buy TAMA on OKX CEX
Buy TAMA on OKX DEX
This news is republished from another source.