🚀 The #TerraLunaClassic price is soaring for the second day in a row! 🌕🔥 This rally comes after Do Kwon pled not guilty in New York and following Binance’s massive burn of 1.7 billion $LUNC ! 💰💎 Is this the start of a comeback for $LUNC ? Let’s watch the momentum! 📈✨ #LUNC
LUNC Token Soars as Binance Burns Billions in Terra Classic Tokens
LUNC Surges by Over 25% in December
The Terra Luna Classic (LUNC) token showed a significant uptick in performance, trading at $0.0001150 on January 1, marking a 25% jump from its lowest levels in December. With a market cap exceeding $1 billion, LUNC is regaining attention among crypto traders.
Binance Leads Massive LUNC Burns
Burning Spree Continues
Binance, the largest contributor to LUNC token burns, recently incinerated 1.7 billion tokens valued at $193,000. This follows previous burns of 1.728 billion tokens in December and 1.048 billion tokens in November.
Over the last two years, Binance has solidified its role as the top LUNC burner, destroying over 70 billion tokens through 2,200 burn transactions. These represent approximately 17.7% of the total supply.
Key Players in LUNC Burns
Other major contributors to the LUNC burn initiative include:
DFLUNC Protocol
LunaticsToken
MEXC Exchange
Terraform Labs
In total, the crypto community has burned over 396 billion LUNC tokens since the collapse of the Terra ecosystem in May 2022. In the past seven days alone, 237 million tokens have been incinerated—a trend expected to persist as efforts to stabilize the supply intensify.
Legal Battles Heat Up: Do Kwon Extradited to the US
LUNC's price has been relatively stable despite ongoing legal issues involving Terraform Labs founder Do Kwon, who was recently extradited to the United States from Montenegro. Kwon has pleaded not guilty in a New York court to charges of misleading investors about the Terra blockchain, its stability, and its partnership with South Korea's Chai payment platform.
The case is being handled by the same prosecutors who recently secured a 25-year prison sentence for Sam Bankman-Fried, founder of the defunct FTX exchange.
Despite these legal troubles, Kwon's involvement with LUNC is minimal, as Terraform Labs has filed for bankruptcy and is no longer actively managing the token. Interestingly, the company has previously committed to burning billions of LUNC tokens to aid the recovery of the ecosystem.
What's Next for LUNC?
With Binance taking the lead in reducing LUNC's circulating supply and growing community support for burn initiatives, the token is seeing renewed interest. While the legal developments around Terraform Labs and Do Kwon create headlines, their impact on LUNC’s long-term prospects seems limited.
As the crypto market evolves, $LUNC could continue to attract traders looking for high-potential recovery plays.