Terra Luna Classic Token Surges Ahead of Major Milestones
Terra Luna Classic (LUNC) has seen a notable price increase, reaching $0.00006430, its highest point since March 28. This marks a 40% rise from its lowest level this year.
The token’s upward trend could continue as the network’s burn rate speeds up. In the past week, 205.3 million LUNC tokens were burned.Since May 2022, the network has burned 408.2 billion tokens, reducing the circulating supply to 5.45 trillion. If this pace continues, total burns may exceed 410 billion next month.
Binance, a major player, is set to execute its monthly token burn next week. The exchange has burned over 72 billion LUNC tokens, contributing 50% of its spot and margin trading fees. The number of burned tokens varies monthly based on trading volume.
More LUNC holders are staking their tokens.Currently, 1.038 trillion LUNC,or 15% of the circulating supply,is staked,up from 13% last year.
Technically,LUNC has rebounded strongly,crossing above a descending trendline and its 50-day moving average. Indicators like the Awesome Oscillator and MACD show a bullish divergence. If this momentum continues, LUNC could reach $0.0001, a 60% gain from current levels.
