Binance Burns 2.1 Billion Terra Luna Classic (LUNC) Tokens
In the latest burn mechanism, Binance, the world’s largest crypto exchange, has burned 2.1 billion Terra Luna Classic (LUNC) tokens. This brings the total number of LUNC tokens burned by Binance to over 50 billion, which accounts for 52.4% of the total tokens burned by the Terra Luna Classic community.
The Purpose of the LUNC Burn
The LUNC burn is a joint effort by the Terra Luna Classic community to reduce the circulating supply of LUNC tokens. The burn campaign is quickly approaching the milestone of burning 100 billion LUNC tokens.
Details of the Burn
Binance sent 2.1 billion LUNC tokens to the burn address terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu on January 1st. This burn was part of the 18th batch of the LUNC burn mechanism, which covered the period from December 31st to January 30th.
Since trading fees on LUNC spot and margin trading pairs, Binance has burned a total of 51.27 billion Terra Luna Classic tokens.
Terra Classic Ecosystem Tokens Performance
The prices of LUNC and USTC tokens are waiting for a broader market recovery in response to the upcoming Bitcoin halving event. Currently, LUNC is trading at $0.00009444 with a 7% decrease this week. On the other hand, USTC is moving sideways at $0.02409.
Hot Take: Binance Continues to Lead in Token Burning Efforts
Binance’s ongoing token burn efforts for Terra Luna Classic demonstrate their commitment to reducing the circulating supply and increasing the value of LUNC tokens. With over 50 billion tokens burned to date, Binance remains at the forefront of the crypto community’s burn campaign. As the burn milestone of 100 billion LUNC tokens approaches, it will be interesting to see how this impacts the overall performance and value of the Terra Luna Classic ecosystem.
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