Nikolas Sargeant
The price of Luna Classic (LUNC) saw huge gains last week, with the price rising by over 70%, the price hitting $0.000365 on Sunday. The hype has been around the Binance burn, which will be the last one for the token, with many optimistic LunaTerra fans hoping to see the company turn things around after the stablecoin fiasco in May.
The Binance Burn
Binance, the world’s largest crypto exchange, announced on Monday that it will cut the token’s supply “Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address.”
The hope is that the burn would bring stability to the coin and raise the price, which would get closer to the $1 target many LunaTerra fans hope to see the token achieve. The process of “burning” involves sending coins to a cryptocurrency address that isn’t controlled by any user, which works by removing the coins from the circulating supply.
The burn saw immediate positives in the market, with LUNC pumping 55% the following day, jumping from $0.00018 to $0.00031. The price is hovering around $0.00034 at the time of publishing.
The result of the burns is expected to be published today (Monday, October 3rd), with a great deal of speculation about the potential fallout of the burn. The interest in the token has seen LUNC move into the top 10 cryptocurrencies by trading volume, and the market cap boosted to $2.1 billion. The price changes warrant the optimism, but it’s still a long way off the $100 price we saw for LUNA on easter this year.
Uncertainty About LunaTerra CEO Do Kwon
A man who has been the talk of interest on numerous occasions in 2022. The latest episode comes after Interpol issued a red notice for Terraform Labs co-founder Do Kwon, who is said to have fled his Singapore home.
At present, his whereabouts are unclear. On September 17th, Kwon tweeted that he would only reveal his location on three conditions: “we are friends, we have plans to meet, we are involved in a GPS-based Web3 game. Otherwise, “you have no business knowing my GPS coordinates.”
Despite the positive price action, the company still feels a little shady without Kwon concluding this issue regarding multiple cases against him held up in Korean courts.
