LUNC popularity has been gaining momentum recently.
Terra classic community’s effort to revive the values of the ecosystem tokens that suffered a massive dip in May 2022, has been luring the attention of not only investors but also TV analysts.
While Luna Classic has severally appeared on American TV stations, LUNC recently featured on France’s first business news TV channel, BFM Business. It is also the most-listened-to-business news channel in this country.
— Mansa Crypto (@Jose1William) October 4, 2022
The development occurred earlier this week. BFM Business discussed the Terra Luna Classic tokens under a caption that was written in French, “TERRA CLASSIC LUNC: RETOUR EN FORCE,” which means TERRA CLASSIC LUNC: GREAT COMEBACK.
Binance Decision to Burn LUNC Fees
The reporter talked about Binance’s decision to implement a burn mechanism that would destroy the fees of all LUNC spot and margin trading pairs. According to the analyst, the value of LUNC spiked more than 70% a few days after the world’s largest exchange said it would burn LUNC fees. As reported by TheCryptoBasic, Terra tokens, including LUNC, and USTC, became Binance’s Top Gainer assets a day after the exchange announced burns on trading.
Meanwhile, the world’s largest exchange by 24-hour trading kept its word and burnt many LUNC tokens earlier this week. Binance burnt 5.5 billion Luna Classic tokens in one single transaction, bringing the total number of LUNC burnt to more than 13 billion.
LUNC Price Movement
The price of Luna Classic had rallied to $0.000362 on October 2, 2022. However, the token’s value has fallen to $0.000309 ever since. LUNC is still up 10.8% in the last seven days as investors continue to embark on initiatives that will revive the value of the cryptocurrency.
Terra investors are confident that LUNC will still make a huge comeback. Their confidence is backed by the number of cryptocurrency exchanges implementing the 1.2% tax burn.
As many people continue to trade LUNC across various exchanges, the token’s total supply will be on a massive decline following the 1.2% tax burn, which would ultimately help the value of the cryptocurrency.