The Terra Luna Classic ($LUNC ) price has been on a steady rise, climbing for the second consecutive day following two key developments: Binance's massive burn of 1.7 billion tokens and Terraform Labs founder Do Kwon pleading not guilty in a New York court.
Key $LUNC Metrics:
Current Price: $0.00012172 (+4% today)
Market Cap: Over $1 billion
January 1 Price: $0.0001150 (+25% from last month's low)
Binance Leads the $LUNC Burn Initiative
Binance has reaffirmed its commitment to reducing LUNC's circulating supply, burning 1.7 billion tokens worth approximately $193,000 in its latest burn. This follows burns of:
1.728 billion tokens in December 2024
1.048 billion tokens in November 2024
Burn Highlights:
Total Burned by Binance: Over 70 billion tokens (~17.7% of the total supply)
Total LUNC Burned to Date: Over 396 billion tokens since May 2022
Weekly Burn Rate: 237 million tokens in the past seven days
Binance remains the largest LUNC burner, performing more than 2,200 burn transactions. Other notable contributors include DFLUNC Protocol, LunaticsToken, MEXC, and Terraform Labs.
Do Kwon Pleads Not Guilty
Do Kwon, the founder of Terraform Labs, was recently extradited to the United States from Montenegro. Facing charges of defrauding investors about the Terra Blockchain’s stability and partnerships, Kwon pleaded not guilty in a New York court.
Key Case Details:
Prosecuted by the same team that sentenced Sam Bankman-Fried (25 years in prison).
Terraform Labs is no longer involved with LUNC, having filed for bankruptcy in 2022.
Despite the news, LUNC price showed only a muted reaction since Do Kwon's role in the project has diminished.
LUNC Price Outlook
The recent Binance burns and ongoing community-led efforts have revived confidence in LUNC’s long-term potential. Key levels to watch include:
Resistance: $0.0001250
Support: $0.0001100
With a steady burn mechanism and market recovery, LUNC could maintain its upward trajectory.
Follow for Updates
Stay tuned for more insights on LUNC and its evolving market dynamics.