Terra Luna Classic Saw 2.27T Weekly Volume, LUNC Price Set to Hit $0.0005?

Terra Luna Classic has gained investors’ attention lately, especially with the soaring volume of the token. According to reports, the weekly volume of Terra Classic soared past the 2.27 trillion mark on Binance last week, sparking optimism over LUNC price’s potential rally to $0.0005 next. So, let’s take a quick look at the recent report details and see how it could significantly boost the token’s price.

Terra Luna Classic Volume Soars Amid Upcoming Burn Optimism

The Terra Luna Classic Foundation recently revealed that LUNC’s trading volume hit a remarkable 2.27 trillion tokens on Binance last week. In an X post, they announced that 50% of the trading fees generated would go toward buying back and burning LUNC.

This announcement has fueled investors’ optimism over a potential price rally ahead, as reduced token supply often positively impacts prices. Adding to the excitement, Binance is set to conduct its next burn event in 12 days, the post added. Historically, similar burns have bolstered the LUNC price, and this event is no exception to heightened market expectations.

Meanwhile, in parallel, the Terra Classic community has made strides in governance. A proposal to transfer CoinMarketCap dashboard access to Allnodes, a leading validator, was recently approved. This move aims to enhance transparency and streamline operations, further boosting investors’ confidence.

LUNC Price To Hit $0.0005?

The Terra Luna Classic community’s proactive efforts, including token burns and governance updates, have strengthened optimism for a price surge. Besides, the upcoming Binance burn is poised to remove a significant chunk of tokens from circulation, which might also boost the asset’s value higher in the coming days.

However, LUNC price today was down more than 1.5% to $0.0001088, while its trading volume dropped by 65% to $68 million. Over the last 24 hours, the token has touched a high of $0.0001119, while noting a weekly gains of 10%.

Terra Classic Futures Open Interest decreased by 11% to $9.33 million, CoinGlass data showed, indicating investors are taking a pause ahead of the highly anticipated Binance burn. However, a recent LUNC price analysis hints at a potential 480% rally for the crypto, which might send its price to $0.000593.

The post Terra Luna Classic Saw 2.27T Weekly Volume, LUNC Price Set to Hit $0.0005? appeared first on CoinGape.