Binance LUNC Burn: Crypto exchange Binance is expected to destroy nearly 1 billion Terra Luna Classics, while LUNC price action remains range-bound.
Binance, the world’s largest cryptocurrency exchange, will destroy Terra Luna Classic (LUNC) tokens in the 21st batch of LUNC burns on Wednesday. Since 2022, Binance has continued to support the community’s revival of Terra Luna Classic through monthly LUNC burns, even after founder Changpeng “CZ” Zhao resigned as the exchange’s CEO.
Binance to Destroy Billions of Terra Luna Classic (LUNC) Tokens
Cryptocurrency exchange Binance has destroyed more than 57 billion Terra Luna Classic (LUNC), accounting for 51.9% of the total LUNC destroyed by the community. In the 20th LUNC destruction mechanism, 4.17 billion Terra Luna Classic (LUNC) tokens were destroyed. With a significant increase in trading volume in March, the exchange consumed $4.17 billion in trading fees on LUNC spot and margin trading pairs, worth $722,630.
However, daily LUNC trading volume has declined this month due to the decline in cryptocurrency prices and trading volumes across the market. In March, LUNC daily trading volume exceeded $100 million and the price rose to over $0.0002. In April, the average daily trading volume was $30 million and the price had fallen to $0.0001. The market value also fell from over $1 billion to less than $600 million in one month.
The trading volume is even lower than in February, indicating a significant drop in LUNC destruction. The 21st batch of Binance LUNC destruction was from March 31 to April 29, and the current trading volume has not seen a significant increase. Therefore, Binance may destroy 1 billion to 1.5 billion LUNC tokens on May 1.
LUNC Price Prediction
LUNC price is up 3% this week and is currently trading at $0.0001055. The 24-hour high and low are $0.0001018 and $0.0001105 respectively. In addition, the trading volume has slightly decreased in the past 24 hours.
Additionally, Terra Luna Classic (LUNC) and 1000LUNC futures open interest remained low over the weekend and has declined across exchanges over the past 24 hours, according to Coinglass.
On the lower timeframes, LUNC price remains above a 6-week descending trendline and is expected to continue trading sideways until the broader crypto market recovers. This would break above the support and resistance levels (red), providing upward momentum for LUNC price.
Volume and derivatives trading are key factors to track further price action in the coming days. Experts such as Arthur Hayes predict a rebound in the cryptocurrency market, but this is conditional.
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