Terra Luna Classic’s weekly volume on Binance has topped 2.27 trillion, raising hopes for a $0.0005 price gain due to token burns.
Terra Luna Classic has recently attracted investors’ attention due to the token’s increasing volume. The weekly volume of Terra Classic on Binance exceeded 2.27 trillion last week, according to reports, which has led to optimism regarding the potential for the LUNC price to rise to $0.0005 shortly. Consequently, we will examine the details of the most recent report and determine how much it can increase the token’s value.
The volume of Terra Luna Classic is increasing in anticipation of the upcoming burn
The Terra Luna Classic Foundation recently disclosed that LUNC’s trading volume on Binance exceeded an extraordinary 2.27 trillion tokens last week. In an X post, they declared that 50% of the trading fees would be allocated to the purchase and destruction of LUNC.
The announcement has increased investors’ confidence in the possibility of a price increase, as the reduction in the supply of tokens frequently positively affects prices. The post also announced that Binance plans to host its next burn event in 12 days, heightening the enthusiasm. In the past, the LUNC price has been supported by comparable fires, and this event is no exception to the increased market expectations.
In parallel, the Terra Classic community has made significant progress in governance. A proposal to facilitate the transfer of CoinMarketCap interface access to Allnodes, a prominent validator, was recently approved. This action aims to increase transparency and optimize operations, thereby bolstering investors’ confidence.
Is the price of LUNC expected to reach $0.0005?
The Terra Luna Classic community’s proactive initiatives, such as token roasts and governance updates, have bolstered confidence in the potential for a price increase. Additionally, the forthcoming Binance burn will eliminate many tokens from circulation, potentially increasing the asset’s value shortly.
Nevertheless, the price of LUNC decreased by over 1.5% to $0.0001088, and its trading volume decreased by 65% to $68 million. While observing a weekly gain of 10%, the token has reached a high of $0.0001119 in the past 24 hours.
According to CoinGlass data, the Terra Classic Futures Open Interest decreased by 11% to $9.33 million, suggesting investors are taking a break in anticipation of the highly anticipated Binance fire. Nevertheless, a recent price analysis conducted by LUNC indicates that the cryptocurrency may experience a 480% increase in value, potentially resulting in a price of $0.000593.
