Terra Luna Classic has recently attracted the attention of investors, especially with the increasing transaction volume of the token. The weekly trading volume of Terra Classic on Binance exceeded 2.27 trillion tokens last week, creating positive expectations about the potential for the LUNC price to rise up to $0.0005 in the coming period.
Increased Transaction Volume and Token Burn
Terra Luna Classic Foundation announced that LUNC’s trading volume reached 2.27 trillion tokens on Binance last week. In an X post, they explained that 50% of the transaction fees generated will go towards LUNC buyback and burn.
This statement strengthened investors’ expectations for a price increase, as the decreasing token supply had a positive impact on prices. Additionally, a burn event that Binance will hold in the next 12 days has contributed to the historical strength of LUNC price. Although they do not lead to a supply contraction, such burn announcements excite the community.
Community and Governance Developments
The Terra Classic community has also taken important steps in the field of governance. A proposal to transfer access to the CoinMarketCap dashboard to Allnodes has been approved to increase transparency and streamline operations. This development further increased investor confidence.
Token burns and governance updates from the Terra Luna Classic community have strengthened the expectation of a price increase. Binance’s upcoming burn could increase the value of the asset, with the potential to remove some tokens from circulation.
However, the LUNC price is down more than 1.5% today to $0.0001088 and trading volume is down 65% to $68 million. In the last 24 hours, the token gained 10% on a weekly basis, reaching a high of $0.0001119.
According to CoinGlass data, Terra Classic Futures Open Interest decreased 11% to $9.33 million, indicating investors are cautious ahead of the expected Binance burn. However, recent LUNC price analysis suggests that the crypto could potentially rise 480% and the price could reach $0.000593. Of course, these are possible targets for speculative surprise rises.
Terra Luna Classic’s increase in trading volume and governance improvements support optimism that LUNC’s price may increase in the future. Investors continue to closely monitor Binance’s planned burn event and governance changes made by the community.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
