Binance Burns 5.57 Billion Terra Luna Classic (LUNC) Tokens
The latest batch of the LUNC burn mechanism saw Binance burn 5.57 billion Terra Luna Classic (LUNC) tokens, bringing the total burned by the exchange to over 49 billion. This accounts for 53% of all tokens burned by the Terra Luna Classic community.
Terra Luna Classic Prices Surge After Burn
Following the recent LUNC burn by Binance, prices for both LUNC and USTC in the Terra Classic ecosystem have increased by over 7%. This positive sentiment at the start of the year bodes well for these tokens.
Binance Sends 5.57 B Terra Luna Classic (LUNC) To Burn Address
Binance has sent 5.57 billion Terra Luna Classic (LUNC) tokens to the burn address in its latest burn mechanism. The transaction took place on January 1 and marks the 17th batch of burns, covering the period from November 30 to December 30. With this burn, Binance has now burned a total of 49.17 billion Terra Classic tokens through trading fees on LUNC spot and margin trading pairs.
In December, Binance burned an additional 3.90 billion Terra Luna Classic (LUNC) tokens due to a significant increase in LUNC trading volume on the exchange. The launch of USTC perpetual contracts and new trading pairs also played a role in boosting the token’s trading activity.
LUNC and USTC Prices Gain Momentum
Both LUNC and USTC prices have risen amid a broader market rally and the recent LUNC burn by Binance. However, traders should be cautious of a possible pullback in prices as profit booking may occur in the coming days.
The price of LUNC has increased by 8% in the last 24 hours, currently trading at $0.000145. The 24-hour low and high for LUNC are $0.000137 and $0.000147, respectively. However, trading volume has decreased by 45% within the same period.
On the other hand, USTC price has climbed by 7%, with the current trading price at $0.0337. The 24-hour low and high for USTC are $0.0321 and $0.0341, respectively.
Hot Take: Positive Sentiment for Terra Luna Classic Tokens
The recent burn of Terra Luna Classic (LUNC) tokens by Binance has led to a surge in prices for both LUNC and USTC in the Terra Classic ecosystem. This positive sentiment at the beginning of the year is a promising sign for these tokens. Traders should keep an eye on potential profit booking and be cautious of any pullbacks in prices in the coming days.
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