The Terra Luna Classic price rose for the second consecutive day after Do Kwon pled not guilty in New York and after Binance incinerated over 1.7 billion LUNC tokens.
The LUNC token was trading at $0.0001150 on January 1, up by over 25% from its lowest level last month, giving it a market cap of over $1 billion.
Binance burns 1.7b Terra Classic tokens
The main Terra Luna Classic news was that Binance continued burning the tokens, a move that aimed at reducing those in circulation. It burned over 1.7 billion tokens, currently worth $193,000. This came after the company burned 1.728 billion LUNC tokens on December 1 and 1.048 billion the previous month.
These burns solidify Binance as the biggest LUNC burner, having incinerated over 70 billion tokens in the last two years. These tokens represent about 17.7% of the total. It has done over 2,200 burn transactions. The other top burners are DFLUNC Protocol, LunaticsToken, MEXC, and Terraform Labs.
Altogether, over 396 billion Terra Luna Classic tokens have been burned since May 2022, when the original Terra ecosystem crumbled. 237 million tokens have been incinerated in the last seven days, a trend that may continue for a while.
LUNC price also reacted mildly to the latest Do Kwon news. Kwon, the founder and controlling shareholder of Terraform Labs, was recently extradited to the United States from Montenegro. He has pleaded not guilty in a New York court.
Kwon has been charged with deceiving investors about the Terra Blockchain, its stability, and its partnership with Chai, a popular money transfer service in South Korea. He is being prosecuted by the same officials who charged Sam Bankman-Fried, who received a 25-year prison sentence.
The LUNC price reacted mildly to Do Kwon’s issues because he is no longer involved in the project. Terraform Labs has already filed for bankruptcy, and last year, it agreed to burn billions of LUNC tokens.
Read more: Can Terra Luna Classic (LUNC) Price Realistically Hit $1?
LUNC price analysis
The daily chart shows that the Terra Luna Classic price has remained in a tight range even as the token burn continues. It is consolidating at the 50-day and 100-day moving averages and remains below the key resistance level at $0.0001311, its highest swing in May last year.
LUNC token is also forming a bearish pennant chart pattern, which may stage a strong bearish breakout in the coming days. If this happens, the next point to watch will be at $0.00009060, the lower side of the pennant pattern.
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