The Latest Surge in LUNC Price Explained: Up 27% and Crossing $1 Billion Market Cap

8:05 pm
March 2, 2024
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The price of the Terra Luna Classic token, LUNC, has experienced significant growth recently, reaching highs of $0.000185 following a token burn by Binance. This burn, totaling 2.21 billion tokens, has contributed to the overall burn of 53 billion on Binance and over 100 billion across the ecosystem.

LUNC has seen a 27% increase in the last 24 hours, surpassing $0.00018 early in the day. Over the past month, the token has surged more than 83%. Trading volume has soared by 143% in the last day, exceeding $332 million, positioning LUNC as one of the top-performing coins amid Bitcoin’s price hovering around $61,000.

Reasons Behind the Soaring LUNC Price

This recent surge in LUNC’s price can be attributed to the community’s reaction to the latest burn news. On March 1, 2024, Binance announced the burn of 2.21 billion LUNC tokens, marking the 19th batch of its Terra Luna Classic burn initiative and bringing the total burnt tokens on the exchange to 53 billion. Additionally, the ecosystem-wide burn has surpassed 100 billion LUNC, with tokens being removed from circulation from various sources, including tax, centralized exchanges, and utilities.

Community member Vegas confirmed the significant milestone of burning over 100 billion LUNC tokens in a recent tweet.

This price surge has propelled LUNC’s market cap above $1 billion, reaching levels not seen since December 2023, with potential targets of $0.000258 in the near future.

FAQs

What is LUNC?

LUNC is the ticker symbol for the Terra Luna Classic token, a cryptocurrency that has recently experienced a significant price increase.

Why did the price of LUNC surge?

The surge in LUNC’s price can be attributed to a recent token burn by Binance, where 2.21 billion LUNC tokens were burned, contributing to the overall decrease in supply and increasing demand for the token.

What is the total amount of LUNC tokens burned?

As of the latest burn announcement, a total of over 100 billion LUNC tokens have been burned across the entire ecosystem, including burns on Binance and other platforms.


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