Wed, May 08, 2024 at 21:37

• 

  Joy

  • Hey Annie!

  • Guess what?

  • The Terra Luna Classic community saw a massive LUNC burn this Wednesday.

  • Over 275 million LUNC were burned in wallet-to-wallet transactions.

  • It's like a bonfire of virtual money!🔥

  • 
• Annie

  • Wow, that's a lot!

  • But why would they burn so many tokens?🤔

  
• 

  Joy

  • Well, there's a bit of a buzz about that.

  • Someone moved billions of LUNC tokens and burned more than 222 million LUNC with a burn tax.

  • It's like they're making their own fireworks show with digital currency!🎆

  • 
• Annie

  • Interesting...

  • But who is this someone?

  • Do we know who did it?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Joy

  • Well, some folks in the community think that all 16 wallets are controlled by Binance, the crypto exchange.

  • They're the biggest contributor to the LUNC burn campaign.

  • They believe it's for mass staking on the Terra Luna Classic chain.

• Annie

  • Ah, I see.

  • So, Binance is burning these tokens for staking purposes?

  
• 

  Joy

  • That's what some people think!

  • And get this, StakeBin data revealed that 239 million LUNC were burned in just an hour.

  • These wallets hold over 400 billion LUNC!

  • It's like they've got their own digital dragon hoard!🐉

• Annie

  • Wow, that's quite a lot!

  • But how did the market react to this massive burn?

  
• 

  Joy

  • Good question!

  • Traders didn't respond immediately, but trading volumes rebounded by 123%.

  • That shows there's a lot of interest from traders.

  • But the LUNC price fell 1% in a day as Bitcoin price corrected over 10%.

  • 

  • It's like a roller coaster ride!🎢

• Annie

  • I see...

  • So, it's not all good news then.

  • What about USTC?

  • How did its price react?

  
• 

  Joy

  • USTC also took a hit.

  • Its price fell 3% in the last 24 hours.

  • But trading volume has jumped by 190% in the past 24 hours.

  • It's like a game of seesaw!

  • ⚖️

• Annie

  • Hmm...

  • So, is this burn event good or bad for the market?

  
• 

  Joy

  • Well, it's a bit of both.

  • The burn can be seen as a positive thing because it reduces the supply of LUNC, which could potentially increase its value.

  • 

  • But the immediate market reaction wasn't great, with prices falling.

  • However, the increased trading volumes show that there's still a lot of interest in these tokens.

  • So, it's like a bumpy ride, but with potential for some high peaks!🎢

  • To sum up, this article is considered a 😍Bullish for investors!!