The Terra Luna Classic (LUNC) price has dropped slightly in the past 24 hours, dipping by 0.5% to $0.00031545. Yet it remains up by 3% in a week and by 22% in a month, driven largely by Binance having completed a burn of all the trading fees it has collected from LUNC trading between September 21 and October 1.
This amounts to some $1.8 million in LUNC, which given the altcoin's current price, is equivalent to the burning of roughly 5.8 billion LUNC. The market appears to have taken such large-scale destruction as a sign that Binance is willing to support the rehabilitation of LUNC's price, which infamously collapsed in May after Terra issued billions of new LUNC (then known as LUNA) in order to shore up the price of stablecoin UST.
However, with LUNC now over 30,000% up after plunging to an all-time low of $0.000000999967 on May 13, Binance's intervention raises hopes that the disgraced altcoin could continue its near-miraculous recovery. The thing is, while its fractional price...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...