Binance Burns Terra Luna Classic Tokens

The world’s largest crypto exchange, Binance, made a mid-month burn of Terra Luna Classic (LUNC) tokens on Thursday. The community is anticipating developments related to LUNC and USTC at the Common InterChain Summit, but prices remain low.

Binance Sends More LUNC Tokens to Burn Address

Binance has burned LUNC tokens for the fifth time this month, sending over 24,853 tokens to the burn address as of June 19. Thus far, Binance has burned a total of 498.6 million LUNC this month, with the net total reaching 73.04 billion tokens, accounting for 17.8% of the community’s total LUNC burn. The Terra Luna Classic community has collectively burned 411.17 billion Terra Classic tokens, including a recent 200 million burned in a single day, reducing the circulating supply to 6.49 trillion LUNC.

Terra Luna Classic Community to Attend Cosmos InterChain Summit

The Cosmos InterChain Summit is set to take place in Berlin, Germany, on June 20-21. Key members, including developers from the Terra Luna Classic community, are expected to participate and learn about important updates regarding the Terra and Terra Classic chains. A proposal from validator Vegas to reactivate the market module will be closely watched by the community. Concerns have arisen regarding the depleting oracle pool, which has fallen from 115 billion to 69 billion LUNC over the last year.

Why LUNC Price Continues to Drop?

LUNC has seen a slight price increase of nearly 0.5% in the past 24 hours, trading at $0.00005718. The 24-hour low and high ranged from $0.00005667 to $0.00005836. However, trading volume dropped by 27%, hinting at waning trader interest, possibly due to geopolitical tensions involving the U.S. and Iran.

A ‘death cross’ formed in February has resulted in a bearish trend as indicated by the crossover of the 50-SMA below the 200-SMA on the daily chart. LUNC’s major support level sits around $0.000055, and failure to hold this level could push prices down to the $0.000045-$0.00005 range. Additionally, the EMA shows a bearish signal with the 20-EMA crossing below the 50-EMA, indicating slim chances for a price recovery without significant change.

Despite these challenges, LUNC futures open interest saw a 0.77% increase over the last 24 hours. Binance noted a 1.54% rise in open interest over the past four hours, suggesting some optimism among derivatives traders, although Bybit recorded a 1.32% drop. Overall open interest across various exchanges has slightly declined, with notable drops on OKX and Bitget.