Why Terra Luna Classic Struggles Despite Massive Coin Burns – BitRss

Terra Luna Classic (LUNC ($0.25)) continues to lose value despite large-scale coin burns. In the past week, 1.6 billion LUNC coins were burned, yet the price plummeted by 21%. As the cryptocurrency market shows signs of recovery, LUNC has failed to realize the expected upward momentum, leaving traders questioning whether the current downtrend will lead to deeper losses.

LUNC Coin Declines Despite Major Coin Burns

LUNC coin saw a 21% decline weekly following Binance‘s recent coin burn. During this burn process, 1.68 billion LUNC coins were removed from circulation. The total number of LUNC burned has now exceeded 402.57 billion.

LUNC Coin Burns

The Terra Luna Classic community aims to increase value by reducing circulating supply through coin burns. However, this strategy has not produced the expected effect for LUNC. Historically, large coin burns have raised prices temporarily, yet the recent 1.6 billion LUNC burn resulted in further…