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Need To Keep Pressure Around Burning $LUNC: Crypto Analyst

Published 10/17/2022, 10:15 AM
Updated 10/17/2022, 10:30 AM
Need To Keep Pressure Around Burning $LUNC: Crypto Analyst
LUNAt/USD
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  • Twitter account TravladdCrypto asked his followers to burn $LUNC to support the community.
  • $LUNC is struggling at $0.0003.
  • Binance CEO said the crypto exchange would support LUNC burn.

After LUNC takes a significant hit in token value, crypto Twitter analyst TravladdCrypto asked his followers to maintain the pressure around burning $LUNC in order to support the Terra Luna Classic (LUNC) community.

From scoring a record $119 to sinking $0 due to a system crash in May 2022, LUNC has experienced many ups and downs the entire year. Just as it was recovering with a 180% increase in the last few months, another scandal shook the LUNC token.

An arrest warrant for Terraform Lab Founder Do Kwon issued by the South Korean government in September 2022, brought the Terra Luna Classic to the headlines.

The LUNC token dropped 11.58% in just 24 hours before hitting a low of $0.0003194 with a trading volume of $946.84 million and a market cap worth $1.96 million.

Even though Terra Luna maintained a stable trading rate of $0.00016 through August, bringing almost 500% profit to summer token investors, currently the token struggles to stay afloat at the $0.0003 level.

However, Binance’s LUNC burn program brings hope to investors and experts. The Binance CEO, Changpeng Zhao expressed support for the LUNC community and shared that the leading cryptocurrency exchange platform would burn LUNC/BUSD and LUNC/USDT spot and margin trading fees.

Moreover, the fees will be translated into tokens that will be distributed to the primary burning address.

Hence, expectations for LUNC reaching $0.0005 by end of 2022 are running high. In fact, predictions project a $0.0013 hit in the incoming year.

The post Need To Keep Pressure Around Burning $LUNC: Crypto Analyst appeared first on Coin Edition.

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