The value of Luna Classic, LUNC, is up over 70% for the week and up over 44% for the month, hitting $0.000365 mid Sunday as traders awaited final token burn numbers from Binance. This as most cryptocurrencies saw minimal gains.
As impressive as the relative numbers are, the price is a far cry from its $100 price in April. But the trading activity in the last few days has been enough to vault LUNC into the top ten cryptocurrencies by trading volume, and boosting its market cap to over $2.1 billion, according to CoinGecko. That puts it in the neighborhood of Bitcoin Cash, wavering at the edge of the top 30 coins for the last seven days.
Luna Classic is the token of the now infamous Terra blockchain, which imploded in May and subsequently prompted lawmakers to consider a ban on similar algorithmic stablecoins.
The world’s largest crypto exchange, Binance, announced on Monday plans to cut the token’s supply. “Binance will implement a burn mechanism to burn all trading fees on LUNC spot...
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