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Terra Luna Classic has recently garnered significant attention from traders, particularly due to its increasing trading volume. Last week, the weekly trading volume of Terra Classic on Binance surpassed 2.27 trillion tokens, sparking optimistic expectations around an upcoming potential rise in LUNC price to $0.0005.
Increasing Trading Volume and Token Burn Initiatives
The Terra Luna Classic Foundation announced that LUNC’s trading volume reached 2.27 trillion tokens on Binance last week. In a tweet, they revealed that 50% of the trading fees collected would be allocated for the repurchase and burning of LUNC tokens.
This announcement has strengthened traders’ expectations for price increases, as a decreasing token supply positively impacts prices. Additionally, a burn event that Binance plans to conduct within the next 12 days has historically contributed to LUNC price improvements. While this initiative may not completely restrict supply, such burn announcements excite the community.
Community and Governance Developments
The Terra Classic community has also made significant strides in governance. A proposal to transfer access to the CoinMarketCap dashboard to Allnodes was approved to enhance transparency and streamline operations. This development further boosted investor confidence.
The token burn initiatives and governance updates from the Terra Luna Classic community have reinforced expectations for price appreciation. Binance’s upcoming burning event could potentially raise the asset’s value by removing a portion of tokens from circulation.
However, LUNC’s price experienced a decline of over 1.5%, dropping to $0.0001088, with trading volume falling by 65% to $68 million. In the last 24 hours, the token reached a high of $0.0001119 while registering a 10% increase weekly.
According to CoinGlass data, the open interest for Terra Classic futures decreased by 11%, falling to $9.33 million, indicating that traders are cautious ahead of the anticipated Binance burn. Nonetheless, recent LUNC price analyses suggest a potential increase of 480%, proposing that the price could reach $0.000593. Of course, these levels are speculative targets for possible price surges.
The rise in trading volume and governance developments for Terra Luna Classic support the optimism surrounding a possible future price increase for LUNC. Traders continue to closely monitor Binance’s planned burn event and the governance changes implemented by the community.
