Short-lived hope? The Terra community was hoping to see the rise of Luna Classic (LUC), the original token of Do Kwon’s moribund project. But the arrival of Binance was not enough to rekindle enthusiasm for cryptocurrency.
Binance will not have been the savior of LUNC
A week ago, the current largest exchange, Binance, announced that it would participate in the LUNC burn. That is, the exchange decided to send the transaction fees collected on its LUNC/BUSD and LUNC/USDT trading pairs to the official burn address.
Interest for LUNC holders, it was to make the token deflationary, and the substantial weight of Binance was particularly welcome. But the initiative was polluted by another news: that of the addition of Do Kwon, the founder of Terra, on the red list of Interpol.
The initiative had an immediate effect, the LUNC taking almost +80% in the space of a few hours. But the enthusiasm faded somewhat in the days that followed. The price of LUNC peaked at $0.00037 two days ago, but we are very far from its all-time high, at nearly $120.
The jolts of the LUNC course
In the end, it is difficult to see this initiative other than as a mad hope on the part of LUNC holders who wish to capitalize on a possible renewed interest.
👉 Take a look back at the collapse of the Terra project with our complete file on the subject
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Binance only burned 0.08% of LUNC supply
In the end, Binance burned $1.8 million in LUNC. A sum not high enough to have a definitive impact on the price of cryptocurrency. It actually corresponds just 0.08% of supply. There are 6,800 billion LUNCs in circulation, so the burn would have to be much higher for this to play a significant role.
What should be remembered from this story is that the attempts to revive projects are often doomed to failure. All the more so when the project in question caused the collapse of other major players in the ecosystem.
👉 On the same subject – Terra case (LUNA): Do Kwon claims that he is not fleeing justice
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Source: TradingView, LUNC/USDT
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