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Investing.com – With a 7-day gain of over 65% at the time of writing, , currently the 32nd largest crypto in the market, is by far the best performing digital currency in the Top 100 as of Monday morning .
Recall that Binance had largely helped the cryptocurrency to take off last week, by announcing the establishment of a mechanism for “burning” LUNC tokens. Burning consists of destroying (removing from circulation) tokens, by sending them to an address that is not controlled by any user. This is equivalent to a reduction in supply, with theoretically a mechanically bullish impact on the price.
“Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address,” the crypto exchange wrote, which is the largest in the world in terms of volumes.
Recall that Luna Classic is the token of the now infamous blockchain, which imploded in May and subsequently prompted lawmakers to consider a ban on algorithmic stablecoins.
Indeed, at the time called LUNA, this cryptocurrency was used in the mechanism for maintaining the link with the Dollar of the TerraUSD stablecoin.
Recall that the LUNA price was $100 in April, compared to the weekend high of $0.0003690 on the LUNC.
However, even if the crypto is only a shadow of its former self, the rise of the past few days has been enough to push LUNC up the rankings of the largest cryptocurrencies by market capitalization. It is also one of the 10 most important cryptocurrencies in terms of trading volumes over the last week.
Now, traders are eagerly awaiting Binance’s first weekly update on how many LUNC tokens have been burned since last week, which is generating some excitement.
The data will be released later on Monday, but the cryptosphere Twitter (NYSE:) is already talking about amounts ranging from 10 to 25 billion tokens burned. The higher the figure announced by Binance today, the more likely LUNC will take off.
Finally, it should be noted that the sharp rise in LUNC in recent days has caused many users to request that major platforms such as Coinbase (NASDAQ:), Robinhood (NASDAQ:), Gemini or even FTX integrate LUNC into their platforms. , which could cause it to explode in proportions far greater than what we have been able to observe in recent days.