Binance, the world's largest cryptocurrency exchange, is set to burn a significant amount of Terra Luna Classic (LUNC) tokens in its upcoming 21st batch of the LUNC burn mechanism. This move is part of the exchange's ongoing support for the Terra Luna Classic community's revival efforts since 2022.

Binance's Burning Spree: Billions of LUNC Tokens to be Destroyed

Binance has already burned over 57 billion LUNC tokens, accounting for 51.9% of the total LUNC burned by the community. In the 20th LUNC burn mechanism, the exchange burned 4.17 billion LUNC tokens, worth $722,630, as trading volumes increased significantly in March. However, the daily LUNC trading volume has since dropped, indicating a potential decrease in the upcoming burn.

LUNC Price Action: Sideways Movement Amid Market Volatility

The LUNC price has seen a 3% jump this week, currently trading at $0.0001055. The 24-hour high and low are $0.0001018 and $0.0001105, respectively. However, the trading volume has decreased slightly in the last 24 hours. Additionally, the Terra Luna Classic (LUNC) and 1000LUNC futures open interest remain low during the weekend, with open interest dipping across exchanges in the last 24 hours.

In the short term, the LUNC price is expected to continue its sideways movement until a broader crypto market recovery. The price is still trading above the 6-week descending trendline, and a break of the support-turned-resistance level could bring an upside momentum to the LUNC price.

Factors to Watch: Trading Volume and Derivatives Activity

Trading volume and derivatives trading are key factors to track for further price action in the coming days. Experts, such as Arthur Hayes, have predicted a rebound in the crypto market, but under certain conditions. Investors and enthusiasts will closely monitor the LUNC burn rate, trading volumes, and derivatives activity to gauge the potential for a price rally in the near future.