Binance Burned 5.5 Billion Terra Luna Classic(LUNC) While Lithosphere To Burn 2.5 Trillion

LAGOS (CoinChapter.com) — Terra Luna Classic (LUNC) burns continue to intensify as Lithosphere core developer, KaJ Labs, announced plans to integrate the token as one of the networks in its cross-chain games, Finesse.

In detail, Lithosphere disclosed that it has decided to burn 2.5 trillion Terra Luna Classic(LUNC) for the network’s new Finesse game series. According to the announcement, Lithosphere will allocate $50 million-$100 million to facilitate the LUNC burn during the first season of Finesse.

Joel Kasr, KaJ Labs founder and chief scientist, expressed delight with the integration. He noted that the partnership will benefit both blockchain platforms, saying “the Foundation looks forward to working with the LUNC community on the integration and the roll-out of the Finesse games.”

Moreover, Lithosphere integration comes days after Binance announced the LUNC burn program. The cryptocurrency exchange stated that it would burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address.

It’s worth noting that the LUNC community today revealed that Binance has already burned 5.5 billion of the Terra Luna Classic (LUNC) token.

Notably, sending a token to an anonymous cryptocurrency address is referred to as “burning” it. This reduces the number of coins in circulation, which quickens price movement. Moreover, for victims of the Terra ecosystem collapse, burning a large percentage of LUNC’s total supply is the best way to revive the value of the token.

Terra’s Luna Classic Price Soars 75%

Terra Luna Classic price surged more than 75% in the last seven days following Binance announcement. Lithosphere announcement also pushed LUNC price up over 5% on the day as it currently hovers above another stable support level.

Data from Coingecko indicates that Terra Luna Classic currently stands at $0.00032319. Notably, if LUNC manages to break the resistance at $ 0.0003500, it will rally the price to almost $ 0.0004000. However, if it fails, it may find support at $ 0.0003000.

ALSO READ: WTF! Luna Classic pops 195% in 10 days despite Terra debacle

Meanwhile, LUNC bullish activity in recent weeks has propelled it into the top ten cryptocurrencies by trading volume, boosting its market cap to over $2.1 billion. Interestingly, as impressive as LUNC numbers are, the altcoin price is still 100% down from its $119 price in April.

Additionally, analysts and traders are bullish that the Binance burn announcement will also boost the token price.

Call For Coinbase, Kraken And KuCoin To List LUNC Intensify

In a parallel development, Terra investors are intensifying moves to have LUNC listed on Coinbase, Kraken and KuCoin. The community has increased its call for more crypto exchanges to add support for LUNC trading.

Notably, once they are listed the exchange will implement the 1.2% tax burn recently launched on the Terra classic network. Leading cryptocurrency trading platforms including Coinbase, Kraken, KuCoin, and Robinhood are yet to enable support for LUNC trading.

LUNC community via a Twitter account has focused on several exchanges urging them to list the token despite its controversial past. LUNC holders believe that getting the cryptocurrency listed on the exchange will accelerate the burn effort. This will invariably increase the token value and total supply.

Interestingly, so far, over 250,000 tweets have been made urging the crypto exchanges to list LUNC.