Terra Luna Classic Price Prediction as Binance Burns $916,000 Worth of LUNC

cryptonews.com:

Terra Classic remains one of the most traded cryptos in the space as it attracted more than $450 million in volume in the last 24hrs.

The news comes after Binance revealed its latest burn efforts saw nearly 3 billion LUNC permanently erased from the supply, equal to nearly $1 million.

In late September, Binance CEO Changpeng Zhao revealed the world's largest crypto exchange would honor a 1.2% burn on the transactions tax, backdated to September 21.

The first LUNC burn, which covered September 21 to October 1, saw more than 5.5 billion LUNC taken out of supply and the second - the week from October 1 to 8 - saw another 2.9 billion wiped out.

The burn has cost Binance nearly $3 million but the exchange is seeing the vast majority of LUNC trading taking place on their platform as a result of the announcement.

As the table below shows, the burn efforts have seen Binance remove a total of 8,588,471,344.33 LUNC, which has a dollar equivalent of $2,993,480,008.16.

The news has sparked renewed burn efforts from the wider Terra Classic community, with more than 18 billion tokens burned in total and 10% of LUNC also being staked and out of circulation.

Despite the good news on the burn the price remains extremely volatile with the coin a favorite of traders and scalpers.

LUNC is 2.5% down on the past seven days despite billions of tokens being taken off the market.

The last 24hrs has seen the price dip as low as $0,0002761 and as high as $0.0002994 - an 8% swing.

However, data from Messari shows the LUNC volatility has actually decreased significantly since the beginning of October.

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Muddying the waters for Terra Classic is that USTC and Terra 2.0 have both been pumping in the last 24hrs.

USTC, the new stablecoin developed