Terra Luna Classic Token Surges Ahead of Major Milestones
Terra Luna Classic (LUNC) has seen a significant price increase, reaching $0.00006430, its highest point since March 28. this marks a 40% rise from its lowest point this year.
The token’s upward trend may continue due to an accelerated burn rate. over the past week, 205.3 million LUNC tokens were burned, reducing the circulating supply to 5.45 trillion. If this pace continues, total burns could exceed 410 billion by next month.
Binance plays a crucial role in this process. The exchange has burned over 72 billion LUNC tokens since May 2022, contributing 50% of its spot and margin trading fees. The number of burned tokens varies monthly based on trading volume.
Staking activity is also on the rise. Currently, 1.038 trillion LUNC tokens, or 15% of the circulating supply, are staked. This is up from 13% last year.
Technically, LUNC has broken above a key support level and an important trendline.It has also crossed its 50-day moving average. Indicators like the Awesome Oscillator and MACD show a bullish divergence.
If this momentum continues, LUNC could reach $0.0001, a 60% increase from its current price.
