Crypto exchange Binance has conducted an additional burn of Terra Luna Classic tokens, raising questions about the persistent price decline of LUNC.
Burning Terra Luna Classic Tokens
Binance burned over 24,853 LUNC tokens this week, marking the fifth burn this month. So far, the total tokens burned by Binance in June amount to 498.6 million LUNC, totaling 73.04 billion since the burns began. The total LUNC tokens burned by the community has reached 411.17 billion, with over 383 million tokens burned just in the last week.
Community Participation in Cosmos InterChain Summit
The Cosmos InterChain Summit is set to take place in Berlin on June 20-21, with key members from the Terra Luna Classic community expected to attend. Important initiatives will be discussed at the event, including a proposal to reactivate the market module, which has sparked interest among community members.
General Reasons for LUNC Price Drop
As of the time of writing, LUNC's price stands at $0.00005718, reflecting a decline in interest among traders. The trading volume for LUNC has decreased by 27% over the last 24 hours. The current global situation is also impacting the market, as potential military actions between the U.S. and Iran raise concerns. The support level for LUNC sits at $0.000055, and failure to maintain this level could see the price drop within the $0.000045–$0.000050 range.
The burn of Terra Luna Classic tokens by Binance and the ongoing community involvement in the upcoming summit are characteristics of the current market situation, yet the price drop of LUNC is driven by internal and external economic factors.
