Bittime -cryptomarkethas just seen increased activity forTerra Classic (LUNC)followingtokeninitiated byBinance, the world's largest crypto exchange. After the latest token burn carried out by Binance, the price of LUNC skyrocketed 30%, even reaching a high of $0.000194.
LUNC Burn Goal
The Terra Classic community, including Binance, implemented a burn mechanism to address the large number of Terra Classic tokens in circulation after the ecosystem collapsed in May 2022. By permanently removing tokens from circulation, the burn program aims to:
1. Reducing Total Supply
This has the potential to create shortages, which could ultimately increase demand and prices in the long term.
2. Demonstrate Commitment to the Ecosystem
Consistent burning signals the community's dedication to rebuilding trust and revitalizing the LUNC project.
3. Increase Token Value
By reducing supply, burning can potentially lead to a higher value per remaining token.
Check Today's Crypto Market:
History of LUNC Burn Binance
Binance first announced the LUNC burning mechanism in December 2022, where the crypto giant would destroy tokens in an amount equal to the fees they would collect from trading Terra Classic. The most recent LUNC burn, initiated by Binance on March 1, saw over 2 billion LUNC burned. This token burn by Binance acted as a catalyst for the price of Terra Classic.
Since the start of 2024, Binance has conducted five LUNC burns, burning more than 9.7 billion LUNC. This event had a significant impact on LUNC in terms of price and investor confidence. After the latest Binance burn, Terra Classic hit a 10-week high, with a market capitalization exceeding $1 billion. The token has now settled at around $0.00018.
The price increases demonstrated by LUNC have crypto fans wondering if perhaps memecoins like PEPE and BEFE will follow in its footsteps.
Also Read: Pepe Coin's Rising Popularity in the Crypto Market: Analysis of PEPE's Price and Market Strength
Unlike LUNC, BEFE and PEPE are MemeCoins
While the recent rise in LUNC prices shows the potential impact of burning, it is important to understand the different characteristics of memecoins like BEFE and PEPE compared to LUNC.
BEFE and PEPE fall into a category of crypto that is often inspired by internet jokes, trends and cultural moments.
Their value comes primarily from community-driven hype and speculation, not from established use cases or underlying technology. Unlike LUNC, they have no direct relationship to token burning.
Factors Affecting BEFE and PEPE Prices
Investments in BEFE and PEPE carry high risks, but potentially high returns: They have the potential for significant price increases driven by viral marketing campaigns or broader memecoin market sentiment, but they are also susceptible to high volatility.
Viral marketing and social media buzz: An unexpected viral campaign, celebrity endorsement, or community initiative on social media can trigger a sudden price increase.
1. Memecoin Market Sentiment
Wider positive sentiment towards memecoins could indirectly benefit BEFE and PEPE by attracting new investors.
2. Listing on the Exchange
Listing on a major crypto exchange can increase accessibility and liquidity, potentially influencing its price.
Risks Associated with BEFE and PEPE
1. Volatility
Memecoins are known for their unpredictable price fluctuations, making them unsuitable for risk-averse investors.
2. Limited Utility
Unlike LUNC, BEFE and PEPE currently lack an established use case outside of speculation, leaving them at the mercy of short-term trends and hype.
3. Rival Memecoin
The memecoin space consists of dozens of competitors, with big players like Dogecoin (DOGE) and Shiba Inu (SHIB) constantly challenging BEFE and PEPE.
Also read How to Buy Crypto:
Will BEFE and PEPE Jump to $0.01?
Binance is currently the biggest LUNC burner. The crypto giant has burned more than 53 billion LUNC since May 2022. On-chain data shows that Binance performs several LUNC burns every month.
Data collected from CoinMarketCap shows that BEFE and PEPE both saw significant gains in the days following Binance's token burn. BEFE saw its price increase from $0.00038 to $0.00046, or an increase of 21%. Meanwhile, PEPE jumped a fantastic 81%, from $0.0000027 to $0.0000047 in three days.
Both BEFE and PEPE seem to have reacted positively to the latest LUNC burn, and have maintained their bullish momentum. Crypto analysts speculate that BEFE and PEPE may be well positioned to reach the $0.01 mark before Binance's next LUNC burn.
However, it is important to note that these predictions are speculative and the future of BEFE and PEPE is highly uncertain. Investors should be careful and do their own research before investing in any memecoin.
Here are some important points to consider before investing in BEFE or PEPE:
- Memecoin is a high risk investment. The price is very volatile and can drop drastically in a short time.
- BEFE and PEPE currently have limited utility. Their value is primarily based on speculation and hype.
- The memecoin market is very competitive. BEFE and PEPE face stiff competition from other memecoins.
If you have a high risk tolerance and are interested in investing in assets that have the potential to generate large profits, BEFE and PEPE may interest you. However, it is important to invest only with money you are willing to lose and never invest more than you can afford.
Be sure to do your own research and understand the risks involved before making an investment decision.
How to Buy Pepe (PEPE) on Bittime
You can buy and sell Pepe (PEPE) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Pepe (PEPE) is available on Bittime with the market pair PEPE/IDR . To be able to buy PEPE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Pepe (PEPE) on Bittime .
Monitor the price chart movements of Pepe (PEPE) , Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
What is Pepe Coin (PEPE)? Memecoin On Ethereum Blockchain Listed On Bittime
PEPE Soars 414% in a Week, But Be Wary Before Investing
Most Popular Meme Coins February 2024: ApeMax, Pepe, BONE and More
DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.