🌖 LUNC price forms a risky pattern as weekly burn hits 365m

Terra Luna Classic was trading at $0.000055, just above this week’s low of $0.000050.

CoinGecko data shows that daily volume has dropped to just $9.4 million, signaling waning demand as overall crypto sentiment deteriorates.

The same trend is visible in the futures market, where open interest has declined to $8.46 million from last month’s high of over $15 million. Falling volume and open interest can be risky indicators and often point to further downside.

Additional data shows that LUNC’s weighted funding rate turned negative for the first time since June 24. A falling and negative funding rate signals that investors expect its future price to be lower than current levels.

There are also signs that some investors are moving their LUNC holdings to exchanges—the first step before selling. Exchange inflows rose to $233,000 on Thursday.

LUNC remains one of the most deflationary tokens in the crypto industry. Weekly burns have jumped to over 365 million tokens, bringing the total LUNC token burn to over 411 billion. Token burns reduce circulating supply and can create positive sentiment around a cryptocurrency.

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