$650k+ Worth Of LUNA Classic Burned, As Terra (LUNA) Remain Stable
The Binance exchange burned over 2.5 billion Terra Classic ($LUNC) tokens worth over $650k yesterday. This is the second burn after another burn in the last few days, which also saw a significant chunk of the LUNA Classic (($LUNC) tokens taken out of supply.
This on-chain burning of the $LUNC has been one of the moves by LUNC to keep the coin in demand by reducing the supply in the market. However, the Terra community has been exploring other burning options that would complement the performance of the coin in the past few days.
Binance burning such a huge number of LUNA Classic tokens says much about the coin’s performance in the coming days. The frequent burns mean the supply of $LUNC will be reduced, and the demand for the coin will increase. That’s how LUNA Classic will increase its price growth.
However, Terra (LUNA) will need to do more in its burning to keep up with the LUNC burning. The LUNA performance has been impressive over the last 90 days, despite the plunges it has posted recently.
Note that Terra LUNA was launched a few months after the crash of TerraUSD. The coin picked up and then crashed within a short time. Terra LUNA has been struggling to remain competitive in the market but has not gained as much investor attention as expected.
Terra LUNA and $LUNC are also experiencing tough competition from Bitgert (BRISE) and Centcex (CENX), which are coins that are attracting most of their investors. In fact, there are many LUNA and LUNC investors that are adding Bitgert and Centcex to their portfolios.
Bitgert (BRISE) Burning and Centcex (CENX) Price Performance
When LUNA and LUNC are struggling with the burning issue, the Bitgert coin has one of the most effective burnings. In addition to the on-chain burning, where a percentage of the buys and sells goes to the burning contract, the Brise team has also partnered with other projects to increase the burning rate.
Miidas NFT marketplace is one of the projects that is growing Bitgert token burning. Every amount spent on buying Miidas NFT, a similar amount is spent on burning Bitgert tokens. This explains why $BRISE is doing so well in the market.
The Centcex (CENX) also has 3% of all the transactions going back to the manual burning of the Centcex tokens. The bottom line is that LUNC and LUNA might make a significant change, but other coins, like BRISE and CENX, also have better burning processes.
The post $650k+ Worth Of LUNA Classic Burned, As Terra (LUNA) Remain Stable appeared first on Analytics Insight.
The Binance exchange burned over 2.5 billion Terra Classic ($LUNC) tokens worth over $650k yesterday. This is the second burn after another burn in the last few days, which also saw a significant chunk of the LUNA Classic (($LUNC) tokens taken out of supply.
This on-chain burning of the $LUNC has been one of the moves by LUNC to keep the coin in demand by reducing the supply in the market. However, the Terra community has been exploring other burning options that would complement the performance of the coin in the past few days.
Binance burning such a huge number of LUNA Classic tokens says much about the coin’s performance in the coming days. The frequent burns mean the supply of $LUNC will be reduced, and the demand for the coin will increase. That’s how LUNA Classic will increase its price growth.
However, Terra (LUNA) will need to do more in its burning to keep up with the LUNC burning. The LUNA performance has been impressive over the last 90 days, despite the plunges it has posted recently.
Note that Terra LUNA was launched a few months after the crash of TerraUSD. The coin picked up and then crashed within a short time. Terra LUNA has been struggling to remain competitive in the market but has not gained as much investor attention as expected.
Terra LUNA and $LUNC are also experiencing tough competition from Bitgert (BRISE) and Centcex (CENX), which are coins that are attracting most of their investors. In fact, there are many LUNA and LUNC investors that are adding Bitgert and Centcex to their portfolios.
Bitgert (BRISE) Burning and Centcex (CENX) Price Performance
When LUNA and LUNC are struggling with the burning issue, the Bitgert coin has one of the most effective burnings. In addition to the on-chain burning, where a percentage of the buys and sells goes to the burning contract, the Brise team has also partnered with other projects to increase the burning rate.
Miidas NFT marketplace is one of the projects that is growing Bitgert token burning. Every amount spent on buying Miidas NFT, a similar amount is spent on burning Bitgert tokens. This explains why $BRISE is doing so well in the market.
The Centcex (CENX) also has 3% of all the transactions going back to the manual burning of the Centcex tokens. The bottom line is that LUNC and LUNA might make a significant change, but other coins, like BRISE and CENX, also have better burning processes.
The post $650k+ Worth Of LUNA Classic Burned, As Terra (LUNA) Remain Stable appeared first on Analytics Insight.
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