Terra Classic (LUNC) has been making headlines lately, with Binance leading the charge in burning massive amounts of the embattled altcoin. As the exchange continues to blaze through LUNC tokens, the community is left wondering if this burning passion will be enough to ignite a much-anticipated price breakout.

Binance's Blazing LUNC Burns

According to blockchain records found on TerraFinder, Binance has been relentless in its LUNC burning efforts. On May 23, 2024, the leading exchange added an extra 29,828 LUNC tokens to the ever-growing pile of burned tokens. This unexpected move has pushed Binance's total LUNC burns to a staggering 59.07B tokens, equivalent to a whopping $6,556,080 in fiat value since the start of the initiative.

Community Contributions to LUNC Burning

While Binance leads the charge, the Terra Classic community has also stepped up to contribute to the burning of the embattled altcoin. Notable contributions have come from platforms like TerraPort Finance and TerraCasino, showcasing the collective effort to reduce the circulating supply of LUNC.

LUNC's Price Potential and Historical Breakouts

As the crypto world eagerly awaits the approval of Ether Spot exchange-traded funds (ETFs), many traders are expecting an incoming altcoin season. However, Terra Luna Classic has not been spared from the recent market correction, slipping by 2.5% over the past 24 hours.

Despite the dip, LUNC is currently sitting at a historically decisive price range of $0.0001111, which has previously produced bull runs for the token. Dating back to November 2023, LUNC's price breakout saw the token soar from $0.00001111 to $0.00025813, a 300% bull run. A similar breakout occurred in February 2024, boosting LUNC's price to a year-to-date high of $0.00020383 on March 6, 2024.

Factors Influencing LUNC's Price Potential

LUNC's northward potential highly depends on trading volume in both Spot and Derivatives markets. The currently expanding Bollinger Bands hint at looming price fluctuations, while the Chaikin Money Flow (CMF) index points to a positive record of 0.32, indicating renewed interest among high-rolling traders.

The Flipside: Rising Staking Ratio

The latest on-chain data shows a rapidly rising staking ratio for LUNC. According to LUNC Staking Bot, the total supply now consists of 995,333,855,059 coins, with 15.13% locked out of circulation. This represents a shifted sentiment among investors who see Terra Classic as a long-term investment or store of value.

Why It Matters

Community-focused initiatives to burn cryptocurrency can create long-term benefits by making the digital asset scarce, potentially maintaining a healthy market value. As Binance and the Terra Classic community continue to burn LUNC tokens, the question remains: will this burning passion be enough to ignite a much-needed price breakout for the embattled altcoin?