The analytics platform believes LUNC’s volatility will last for a whole week.
Santiment, a leading cryptocurrency data platform that tracks the activities of the top 2,000 cryptocurrencies, stated that Terra Luna Classic (LUNC) will experience massive volatility for a whole week.
This comes after Binance announced the implementation of a burn mechanism on LUNC spot and margin trading fees. As reported by TheCryptoBasic, the world’s largest exchange by 24 hours trading volume will send all LUNC spot and margin trading fees to the official LUNC burn address, as part of efforts to reduce the token’s circulating supply.
Following the announcement, the price of LUNC reacted positively to the news, skyrocketing more than 30% in 24 hours. Over the past 24 hours, LUNC plunged to a low of $0.00018. However, the Binance announcement fueled the price of the token to rally to a high of $0.00031.
Since then, LUNC’s price has had slight fluctuation and the cryptocurrency is currently changing hands at around $0.00030, up 32% in the past 24 hours.
Santiment’s LUNC Prediction
Commenting on the development, Santiment said: “#TerraClassic finally received some positive news when #Binance announced it would be implementing a burn mechanism on trading fees.”
For Terra Classic investors, something is better than nothing these days, the cryptocurrency’s on-chain metrics platform noted.
“We expect that volatility will continue all week long,” Santiment stated.
LUNC Investors’ Burn Initiative
Meanwhile, the Terra Classic community has been making efforts to revive LUNC and USTC from the ashes, after the tokens suffered a massive collapse that resulted in a $60 billion wipeout.
The community had created a burn address where people could voluntarily send some units of LUNC to reduce the token’s circulating supply.
Despite incinerating billions of LUNC tokens, the community implemented a 1.2% tax burn for all on-chain transactions involving the cryptocurrency to boost the LUNC burn rate.
So far, several exchanges have implemented the burn proposal, which has also contributed positively to the token’s price.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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