The LUNC price has continued to consolidate this week as fans brace for a major 410 billion token burn milestone. Terra Luna Classic was trading at $0.000061 on Friday, a few points below the weekly high of $0.000073. It has dropped by 64% from its highest point in December of last year.
Terra Luna Classic Token Burn Nears 410 Billion Milestone
Third-party data shows that over 409.4 billion Terra Luna Classic have been burned since inception. Since the weekly token burn is rising by over 304 million a week, the figure will cross the psychologically important 410 billion milestone either this month or in June.
A token burn occurs when tokens are moved into an inaccessible address. The goal is usually to reduce the number of tokens in circulation and make the network deflationary. These burns also help boost holder value, especially in projects with staking features.
The biggest LUNC burner was Terraform Labs, which has incinerated over 249 billion tokens since its inception. Most of these burns occurred during the bankruptcy process in 2024.
Binance has also been a major LUNC burner, incinerating over 72 billion. It does this by incinerating part of the fees that it collects monthly from the project. The other top burners are DFLUNC Protocol, LunaticsToken, and MEXC.
Terra Luna Classic is what remains of the popular Terra Protocol, which collapsed in 2022 after its algorithmic stablecoin lost its peg, resulting in losses of over $40 billion for investors. After this collapse, LUNC became a community project as the team migrated to Terra 2.0.
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LUNC Price Technical Analysis
The daily chart indicates that the LUNC price has remained within a tight range over the past few weeks. This consolidation occurred after it dropped to a low of $0.000051, where it formed a giant double-bottom pattern whose neckline was at $0.0001795.
LUNC has formed a small inverse head and shoulders pattern, a popular bullish reversal sign. There are signs that it has moved into the accumulation phase of the Wyckoff Theory.
This phase is then followed by the markup, where there is higher demand than supply. Therefore, moving above the key resistance point at $0.000072 could indicate further gains, potentially reaching the 61.8% Fibonacci Retracement point at $0.0001020, up by 58% from the current level.
The daily chart indicates that the LUNC price has remained within a tight range over the past few weeks. This consolidation occurred after it dropped to a low of $0.000051, where it formed a giant double-bottom pattern whose neckline was at $0.0001795.
LUNC has formed a small inverse head and shoulders pattern, a popular bullish reversal sign. There are signs that it has moved into the accumulation phase of the Wyckoff Theory.
This phase is then followed by the markup, where there is higher demand than supply. Therefore, moving above the key resistance point at $0.000072 could indicate further gains, potentially reaching the 61.8% Fibonacci Retracement point at $0.0001020, up by 58% from the current level.
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The $LUNC recovery will not be stopped. Smash the like button if you #LUNC holder!❤️
Show your $LUNC power💪
Keep burning $LUNC ❤️🔥❤️🔥
#Crypto #LUNC #LunaClassic #LUNCBURN
Show your $LUNC power💪
Keep burning $LUNC ❤️🔥❤️🔥
#Crypto #LUNC #LunaClassic #LUNCBURN
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There is discussion about reactivating the market module on the Terra Classic chain. Reactivating the connection between $LUNC and $USTC will level up the Terra Classic chain.
After the LUNA/UST crash, the market module was closed and the chain started to be controlled manually.
There are also validators who have reservations about reactivating the market module that led LUNA/UST to its collapse.
The LUNA/UST crash was a great lesson and a great test. All the weaknesses that led Terra to its collapse are now known.
Even discussing the activation of the market module is very valuable... The market module that brought Terra to the top also triggered the collapse. Now, all its deficiencies are known and are being fixed.
When $LUNC and $USTC come back; they will be much stronger than LUNA and UST. The Terra Classic chain will emerge much stronger.
After the LUNA/UST crash, the market module was closed and the chain started to be controlled manually.
There are also validators who have reservations about reactivating the market module that led LUNA/UST to its collapse.
The LUNA/UST crash was a great lesson and a great test. All the weaknesses that led Terra to its collapse are now known.
Even discussing the activation of the market module is very valuable... The market module that brought Terra to the top also triggered the collapse. Now, all its deficiencies are known and are being fixed.
When $LUNC and $USTC come back; they will be much stronger than LUNA and UST. The Terra Classic chain will emerge much stronger.
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