Luna Classic, will the cursed cryptocurrency rise from its ashes thanks to Binance?
“Reduction” operation – Since resounding UST stablecoin disasterthe project token Terrathe LUNA went down more and more – 99.99%. In the meantime renamed MON (Luna Classic), this crypto nevertheless benefits from the support of a weighty ally: the crypto-stock exchange Binance.
Luna Classic soon downgraded thanks to Binance
After a historic high at $116 on April 6, 2022, the former LUNA which became MON descended even under the $0.00001 in June. Reassembled, on this October 3, 2022, slightly above the $0.0003the LUNC will benefit from the help of a heavyweight in the crypto sector.
Indeed, since September 26, the famous platform Binance was considering burn (destroy or, literally, “burn”) LUNCs, to reduce the total quantity. It must be said that in the tragedy of the fall of the stablecoin TerraUSD (UST), many ex-LUNAs were created. And “a lot” is an understatement: 6,900 billion LUNCs !
This reduction relates more specifically to the trading fees from LUNC. On trading pairs of cryptos with the old Terra token, all exchange fees will be destroyed. This mechanism of burn consists of send the LUNCs sacrificed to a address of which no one (statistically) will have the private keys Management.
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More than 5.6 billion LUNC burned alive
The first batch of burn from Binance has been revealed this October 3. The Changpeng Zaho platform destroyed more than 5.67 billion LUNC in one week trading fees.
At the current price, this represents a little more than $1.8 million gone up in smoke. The observers are thus divided between those who see the glass half full on this this quantity which seems important, and those who see the half empty glassreproaching that this is less than 0.1% of the total amount of LUNC.
Will Binance’s efforts be enough to revive Luna Classic? If on the one hand the exchange of CZ helps of all possible to this resurrection, it is not at all the case of the founder of Terra, Do Kwon. Indeed, the escapades of the latter, prosecuted by South Korean justice and Interpolis rather very bad publicity to his projects. Whether for his new LUNA 2.0, or his old LUNC for that matter.
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