The original Terra chain’s Luna Classic (LUNC) token is getting attention again, helped by news that the crypto exchange Binance has implemented a new burn mechanism for it. The question now is how high can LUNC go after the next burn.
When Binance first announced its token burn mechanism for Luna Classic on September 26, the token soared by close to 68% in a day. The news pushed the token up from lows of around $0.00018 that day, and to $0.00037 on October 2, more than a doubling of its price in just six days.
Binance conducts the burn by sending trading fees it generates on LUNC spot and margin trading pairs to the LUNC burn address. According to the exchange, the practice will continue to take place every Tuesday “until further notice.”
The next burn is scheduled for Tuesday October 11 at 00:00 UTC.
Looking forward, it’s difficult to predict where the next short-term move will be, given that the relative strength index (RSI) is now in neutral territory. However, support to the...
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