Terra Luna Classic Price Could Soar Due to $1.34 Billion Burn $LUNC
The Terra Luna Classic (LUNC) token has risen in price by 8.73% in a week, reaching its highest level since March 2024. Some cryptocurrency analysts believe that the asset has potential for further growth, especially against the backdrop of a bull market.
One of the popular experts, Miles Deutscher, said that he is a long-term LUNC holder because he believes in the asset. Among the reasons for his optimism, the analyst noted the strong bullish price charts, the appeal of the token as a meme, and the fact that LUNC is still traded on the Binance exchange.
Another potential catalyst for Terra Luna Classic growth, analysts say, is the ongoing token burn, which reduces the supply and increases the value of the remaining assets. According to LUNC Metrics, 1.34 billion tokens have been burned on the network over the past seven days.
Over 390 billion tokens have been burned so far, leaving 6.51 trillion in circulation.
LUNC's staking ratio has also risen from its 2022 low and is now approaching 16%. This indicates that many investors believe in the asset's potential.
The daily chart shows that Terra Luna Classic is in a bullish trend.
