Kraken’s customers have until December 12 to transfer their Luna Classic holdings elsewhere. Another dip coming?
The battle-scared Terra Classic (LUNC) community is going to have to deal with more issues that could send the chain’s trading volume to unprecedentedly low figures. Kraken, one of the TOP 5 largest crypto exchanges in the United States (USA) by trading volume, just decided to delist all Terra Luna Classic (LUNC) linked tokens after carrying out a thorough quality check.
Kraken Is Throwing Away LUNC & USTC
Naturally, this had infuriated some Luna Classic community members, now having to search for a different major exchange with desirable trading pairs. In fact, Kraken doesn’t stand out from the broader trend, as four other major exchanges did the same, including OKX, Gemini, Crypto.Com & eToro. This mostly ties back towards Luna Classic’s compliance & volume issues.
In order to maintain this game-tested blockchain post TerraForm Labs’ bankruptcy, the Terra Luna Classic community is partaking in a massive all-around burning campaign to increase LUNC’s token scarcity. Right now, these efforts have borne fruit in 425,222,473,998 LUNC tokens destroyed since the start of the campaign back in mid 2022, after the UST de-pegging.
Why Do LUNC’s Burns Fail To Lift Price?
Binance is accountable for approximately 55% of all Terra Luna Classic (LUNC) burns, allocating 50% of the garnered fees across all Luna Classic ecosystem related pairs on their platform. Seeking similar support from other centralized exchanges (CEXs), LUNC’s volunteer dev team had been coordinating the LUNC burn mechanism with KuCoin & HTX.
Both of these exchanges abide by the network’s on-chain burn tax of 0.2-0.5%, but separate LUNC burning campaigns tend to come either from Binance or volunteer groups of Luna Classic’s Web3 environment. With no new major listings or many major exchanges (CEXs) throwing shade, LUNC’s price tumbled to a new yearly low, softly bouncing off the rock bottom.
Now, Luna Classic (LUNC) must regain the $0.0000700 resistance territory to have a chance at any meaningful price rebound. However, this isn’t going to be an easy one – the Parabolic Stop & Reverse (SAR) is flashing a ‘sell’ signal on the daily technical price charts, while this altcoin has lost the grip of the Exponential Moving Average (EMA) trend-line.
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