Binance Burns 4 Billion Terra Luna Classic (LUNC) Tokens
In its 16th batch of the LUNC burn, Binance has burned almost 4 billion Terra Luna Classic (LUNC) tokens. This brings the total LUNC burn by the exchange to over 43 billion, which accounts for 52% of the total tokens burned by the Terra Luna Classic community. Traders have yet to react to this latest burn.
Binance’s Contribution to LUNC Burn Campaign
Binance continues to contribute to the community’s LUNC burn campaign by sending 3.90 billion tokens to the burn address. This is part of their efforts to reduce the circulating supply of LUNC following Changpeng “CZ” Zhao’s departure as Binance CEO.
Over 43 Billion Terra Luna Classic Tokens Burned
The recent burn by Binance brings their total burn of Terra Classic tokens to over 43 billion. These tokens were burned from trading fees on LUNC spot and margin trading pairs. Overall, the community has burned nearly 83 billion LUNC tokens.
November saw a significant decline in the burn rate, with Binance burning 760 million LUNC tokens. This was the lowest burn rate recorded so far and was attributed to FUD, reduced developer activity, and a decrease in LUNC trading volumes on the exchange.
However, recent increases in trading volumes have led to this substantial LUNC burn that hasn’t been seen in months. Binance’s introduction of a USTC perpetual contract and new USTC trading pairs FDUSD and TRY has greatly contributed to the exchange’s trading volume.
Potential Rally for LUNC and USTC Prices
The Terra Luna Classic ecosystem tokens, LUNC and USTC, have experienced a decline in the past 24 hours due to profit booking in the broader crypto market. However,
LUNC has seen a 65% jump in price this week, with the current trading price at $0.000116. The 24-hour low and high for LUNC are $0.000114 and $0.000121 respectively, although trading volume has decreased in the last 24 hours.
Meanwhile, USTC has rallied by 350% this week, with the current trading price at $0.051. The 24-hour low and high for USTC are $0.050 and $0.055 respectively.
Hot Take: Binance Burns Over 4 Billion Terra Luna Classic (LUNC) Tokens
Binance’s latest burn of nearly 4 billion Terra Luna Classic (LUNC) tokens marks another significant contribution to reducing the circulating supply of LUNC. With over 43 billion tokens burned to date, Binance continues to play a crucial role in the community’s burn campaign.
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