Binance Burns 796 Million LUNC Tokens
The world’s largest crypto exchange, Binance, has burned 796 million Terra Luna Classic (LUNC) tokens in its 13th batch of the LUNC burn mechanism. This brings the total LUNC burned by Binance to nearly 37 billion, while the community has burned over 74 billion LUNC tokens. Traders quickly responded to the burn, causing a 1% jump in LUNC price from its 24-hour low.
Main Breakdown
- Binance burned 796 million LUNC tokens in its 13th batch of the LUNC burn mechanism.
- The total LUNC burned by Binance now reaches nearly 37 billion.
- The community has burned over 74 billion LUNC tokens.
- Last month, Binance burned 1.41 billion LUNC tokens.
- The burn rate has decreased due to FUD, resignations, and a decline in LUNC trading volumes.
Terra Luna Classic Price Under Pressure
The price of Terra Luna Classic ecosystem tokens, including LUNC and USTC, has been under pressure. LUNC fell 22% and USTC dropped 16% last month due to selloffs in the broader crypto market. Despite a 1% jump after the Binance burn, LUNC is still down 3% in the last 24 hours, trading at $0.000061. USTC price also tumbled 4% in the past 24 hours, but trading volume increased by 150%.
Hot Take
The burn of 796 million LUNC tokens by Binance has had a positive effect on the LUNC price, causing a small jump. However, overall market pressures have resulted in a decline in LUNC and USTC prices. The community’s focus has shifted, contributing to a decrease in LUNC trading. It will be interesting to see how these factors continue to impact the Terra Luna Classic ecosystem.
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