Despite Binance’s latest monthly burn of over $150,000 worth of LUNC tokens and the recent hiring of a new, highly experienced Senior Cosmos developer to the layer-1 blockchain task force team, Luna Classic (LUNC) is threatening a breakout to fresh nine-month lows.

As a result, price predictions remain pessimistic.

LUNC is the token that powers the original Luna layer-1 blockchain protocol that experienced catastrophe last year.

Just under one year ago, the blockchain’s algorithmic stablecoin TerraUSD (UST) depegged from the US dollar after the value of the collateral backing it (the LUNC token) fell below the 1:1 dollar value of the UST supply.

UST owners redeemed their tokens on masse for LUNC amid fears the token was now undervalued (akin to a bank run), triggering hyperinflation of LUNC via a so-called death spiral.

(by Joel Frank)