Terra Luna Classic Price Prediction – How High Can LUNC Rally By 2023?
Terra Luna Classic price prediction is now bullish after LUNC bounced off the 50-day moving average support area of $0.00022525. Most of LUNC's bullish trend is driven by the new burn mechanism.
Binance, a cryptocurrency exchange, has created a new burn mechanism for the Luna Classic (LUNC) token, bringing renewed interest to the original Terra chain's token.
The question now is how high LUNC can rally by 2023. Let's find out!
Accordingly to Binance's announcement, the exchange decided to develop a burn mechanism to transfer all trading fees on LUNC spot and margin trading pairs to the LUNC burn address. This announcement will be updated weekly with the precise quantity of LUNC to be burned, its corresponding value in USDT, and the on-chain transaction ID.
About 7.2 billion LUNC were burned in batch 1 of LUNC burn. However, There has been no apparent change in the rate of cryptocurrency burns nearly two weeks after the widespread burn of the infamous LUNC began.
It's worth noting that approximately 6 billion LUNC were taken off the market as trading commissions after the first batch burnt. The data on trade volumes suggests a decline in the LUNC burn rate.
Furthermore, by October 10, we should have an accurate count of the coins Binance has destroyed.
As the primary factor in the number of trading fees and taxes paid on trades, a decrease in trading activity might have an unfavorable impact.
According to recent tweets by Luna C Whale, Binance, the leading cryptocurrency exchange, has invited other exchanges to implement the LUNC burn mechanism.
Thousands of users have retweeted the news, but the source has yet to be confirmed. If this is correct, we may see more LUNC price support in the coming days.
Previously, the
Read more on cryptonews.com
