Fri, May 24, 2024 at 22:37

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    Joy

    • Hey Annie!

    • Did you hear about Binance's latest move with Terra Classic (LUNC)?

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  • Annie

    • Oh, what's going on with Binance and LUNC?😊

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    Joy

    • So, on May 23, Binance did another big LUNC burn.

    • They sent about 29,828 LUNC tokens to a dead wallet.🔥

  • Annie

    • Wow, that's a lot!

    • But why do they burn these tokens?

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

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    Joy

    • Great question!

    • Burning tokens reduces the total supply, which usually makes the remaining tokens more valuable by creating scarcity.📉

  • Annie

    • Interesting!

    • So, has this burning helped LUNC's price?

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    Joy

    • Unfortunately, not really.

    • Despite these efforts, LUNC's price has been falling.

    • It dropped by 2.15% in the last 24 hours.😕

  • Annie

    • Oh no!

    • That's disappointing.

    • How much is it trading at now?

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    Joy

    • As of now, it's trading at $0.00011.

    • And its stablecoin, TerraClassic USD (USTC), is also down to $0.022.📉

  • Annie

    • That's quite low.

    • How often does Binance do these burns?

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    Joy

    • They usually do a big burn on the first of every month.

    • For example, on May 1, they burned about 1.4 billion LUNC tokens!💥

  • Annie

    • Wow, that's massive!

    • How much have they burned in total?

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    Joy

    • So far, Binance has burned over 59 billion LUNC tokens, which is about 51.9% of the total LUNC burned by the Terra Classic community.😲

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  • Annie

    • That's impressive!

    • But why isn't the price going up then?

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    Joy

    • Well, even with the burns, LUNC's supply is still huge—around 6.79 trillion tokens.

    • Plus, its daily trading volume has dropped by 62.49%.📉

  • Annie

    • I see.

    • So, the demand isn't keeping up with the supply reduction?

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    Joy

    • Exactly.

    • And that's why the price hasn't seen a significant increase despite the burns.

    • It's a bit of a bummer.😔

  • Annie

    • Got it.

    • So, do you think this news is good or bad for the market?

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    Joy

    • Honestly, it's more of a bad sign.

    • The burns are supposed to help, but the falling prices and trading volumes suggest that the market isn't responding well.📉

  • Annie

    • Thanks for breaking it down, Joy.

    • I guess I'll hold off on any investments in LUNC for now.😅

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    Joy

    • Yeah, probably a good idea.

    • Always better to be cautious!😊

    • To sum up, this article is considered a 😱Bearish for investors!!