Number of LUNC burned doubles in a week, that’s how much gone total
Almost two weeks after the infamous LUNC mass burn, the number of cryptocurrency burns remains stable. In the seven days following the end of last week, the number of LUNCs burned was approximately 7.2 billion coins.
In addition, the number of coins burned by Binance should be known tomorrow, Oct. 10. Recall that after the first batch burned, almost 6 billion LUNC collected in the form of trading commissions were removed from the market.
Based on trade volume data, we can expect a decrease in LUNC burning volume. Thus, according to CoinMarketCap data, if on Monday, October 3, LUNC trading volume was equal to $913 million, then its value gradually decreased to $250 million by the end of the week. When the principal volume of burning accounts for the amount of trading commission and the tax levied on the trade, a drop in trading activity can have an unpleasant effect.
Luna Classic (LUNC) price action
The LUNC price has been declining throughout the week. Having failed to overcome the important resistance level of $0.0003465, the LUNC quotations rushed downward, breaking through support after support and now trading under $0.0003.
Looks like LUNC price has already retested this level and is going down further, failing to cross it. The cryptocurrency remains extremely vulnerable to speculation due to the apparent manipulation of quotes in the past. We’ll probably see LUNC Pump and Dump again in the future.
