Will LUNC crypto’s decision to burn 60% of Supply drive price surge?
- Terra Luna Classic (LUNC) community announced to burn a staggering 60% of its total token supply.
- The LUNC crypto has since then witnessed gains of over 1.2% over the past 24 hours, according to CoinGecko.
- At the time of writing, the token was trading at $0.000117 with a 24-hour trading volume of $6,32,64,452.
Terra Luna Classic (LUNC) received massive news on Wednesday, November 27, as the LUNC community announced burning a staggering 60% of its total token supply. This bold move comes on the back of a bull run and aims to combat inflation, enhance token value, and restore confidence in the project after a turbulent period.
After the announcement, the Terra Classic (LUNC) has witnessed gains of over 1.2% over the past 24 hours. The LUNC token has been steadily registering gains as it has managed a rally of over 20.4% over the past two weeks, according to CoinGecko. This is particularly critical for the Terra ecosystem, which has been on a losing trend for the past year.
Why does LUNC’s 60% burn matter?
The community’s decision to burn could have a significant impact. It could help the protocol as the reduction of circulating supply could have a demand and supply gap, which could push the prices upwards. At the same time, LUNC could lead to increased token value and could play a vital role in revitalizing the project and regaining investor trust.
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Besides, a healthier token economy can attract new developers and investors, boosting the overall LUNC ecosystem.
The LUNC team has expressed optimism about the impact of the burn, “This bold move is a testament to our commitment to our community. By reducing the supply, we aim to create a more stable and prosperous future for the token.” These developments have generated curiosity around the token in the past 24 hours.
Image Credit: Trading View
The LUNC chart suggests momentum, even though it has started to show a decline is still strong for the token. The MACD shows a similar perspective with the blue line trying to inch its way up the signal line. As the market is still gripped by bearish trends, the market participants will have to wait. The RSI on 27 November stood at 60.15, still in the overbought position, indicating buyers are moving swiftly in the market.
How is LUNC crypto faring today?
The LUNC crypto has garnered significant attention after the burn announcement. According to CoinMarketCap, the token was trading at was trading at $0.000117 with a 24-hour trading volume of $6,32,64,452.
The 125th-ranked token boasts of a live market cap of $64,43,30,148 with a circulating supply of 55,03,75,34,70,894 LUNC coins.
All in all, it will be interesting to see how the tokens perform in the coming days. That would tempt many investors, but one should remember crypto markets can be fickle, and their prices can change at any given time.
