- In a significant development, 16 wallets have reportedly burned 222 million Terra Luna Classic (LUNC) tokens. This massive burn has sparked speculation that Binance may have moved billions of Terra Classic on-chain, potentially signaling a price rally.
- These 16 wallets allegedly burned 222,880,000 LUNC in tax fees merely by moving tokens from one wallet to another. Some community members believe that all 16 wallets are controlled by Binance for massive staking.
- Despite this development, the LUNC price fell by 1% as overall crypto market trading activity remains low.
Recent LUNC burns have sparked speculation about Binance’s involvement and potential price rally for Terra Luna Classic.
Massive LUNC Burns Trigger Speculation
The Terra Luna Classic community witnessed massive LUNC burns with wallet-to-wallet transactions on Wednesday, resulting in a total daily LUNC burn of over 275 million. This significant burn occurred as someone moved billions of LUNC tokens, burning more than 222 million LUNC with burn tax.
Is Binance Behind the 222 Million LUNC Burn?
On May 8, 16 wallet-to-wallet transactions created the majority of the LUNC burn for the Terra Luna Classic community. These wallets burned 222,880,000 LUNC in tax fees just by moving tokens from one wallet to another. A combined 50 billion LUNC were added to these wallets in minutes as the burn happened within an hour.
Some community members claim that all 16 wallets are controlled by Binance, the largest contributor to the LUNC burn campaign. They believe these tokens will be used for mass staking on the Terra Luna Classic chain. Data from StakeBin revealed 239 million LUNC burned in an hour, suggesting that these transactions could have been planned. These wallets currently hold over 400 billion LUNC.
LUNC and USTC Prices React to Market-Wide Selloff
Traders did not immediately respond to the LUNC burn, but a significant rebound in trading volumes by 123% was recorded, indicating massive interest from traders. Despite this, the LUNC price fell 1% in a day as the Bitcoin price corrected over 10%. The LUNC price is currently trading at $0.0001039, with a 24-hour high and low of $0.0001020 and $0.0001096, respectively.
Meanwhile, the USTC price fell 3% in the last 24 hours, with the price currently trading at $0.0206. The 24-hour low and high are $0.02043 and $0.0232, respectively. Trading volume has jumped by 190% in the past 24 hours.
Conclusion
The recent LUNC burns have sparked speculation about Binance’s involvement and potential price rally for Terra Luna Classic. However, the LUNC and USTC prices have reacted to a market-wide selloff, with LUNC falling 1% and USTC falling 3%. Despite this, a significant rebound in trading volumes indicates massive interest from traders. It remains to be seen how these developments will impact the LUNC and USTC prices in the future.
