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All about LUNC’s 394B token burn and how THIS level could be key
The Terra Luna Classic (LUNC) ecosystem has continued its aggressive token burn strategy, with a total daily burn of 19,674,564 tokens on December 22, 2024. According to data from the LUNC Burn Tracker, this consists of 7,265,976 tokens burned by wallets and an additional 12,408,588 tokens burned through on-chain mechanisms. As a result, over 394 billion tokens have been eliminated from circulation, reducing the token supply by approximately 5.5 trillion.
This burn initiative is crucial for LUNC’s recovery plan, aimed at supporting price stability and future growth. The recent efforts have led to a stabilization of the token’s value near $0.00011 amid market volatility.
In terms of its price, LUNC has seen a 1.82% increase over the past 24 hours, trading at $0.0001123 with a 24-hour volume of $37.21 million. However, it has also experienced a decline of 12.31% over the past seven days, with its market capitalization valued at approximately $618.43 million.
LUNC’s price action has been characterized by fluctuations between $0.0001054 and $0.0001135 over the past 24 hours. The broader 7-day range has extended from $0.00009174 to $0.0001344.
In the short term, the token is attempting to stabilize near the $0.0001100 support level, with immediate resistance observed around $0.0001200.
Source: ambcrypto.com
