- Terra Classic reaches a new milestone by burning 15 million tokens in a week, with more burning on the cards.
- LUNC experiences consolidation after each drop, with increasing bearish pressure.
- The 200-day MA is a formidable fortress. LUNC may rebound in the absence of bulls’ aggression.
The Terra Classic (LUNC) community burned over 226 million LUNC tokens in January. The burning was a response to Binance’s announcement to delay sending LUNC trading fees to the burn address until March 2023. Despite all that, LUNC has still been seen struggling in the red zone.
The token’s community burned over 226 million LUNC tokens in January. Much more fascinating is the fact that LUNC reached a new milestone of burning 15 million tokens in a week compared to the 12 million burned in early January. Furthermore, the community aims to burn more in 2023.
Binance recently announced the delay of their burning mechanism for LUNC until March 2023.
The move comes following the developments related to Proposal 10983 and Proposal 11111 to fund the commodity pool. Moreover, Binance will burn 50% of LUNC spot and margin trading fees instead of 100% after implementing the cha…
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