Terra Community Celebrates as LUNC Token Surges in Price
The Terra community is excited as the price of the LUNC token experiences a significant surge over the weekend. This surge has been attributed to the actions of Binance, the leading crypto exchange.
Binance Burns More LUNC Tokens
A member of the Terra community, MrDiamondhandz, revealed on X (formerly Twitter) that Binance’s recent burns of LUNC tokens have contributed to the price surge. According to data from LUNC Metrics, Binance burned over 2 billion tokens on February 1.
This move triggered an increase in LUNC’s price, making it one of the biggest gainers over the weekend with a volume surge of over 700% on February 4. Binance also burned an additional 135,000 LUNC tokens on the same day, further supporting the upward movement.
Binance’s Contribution to the Ecosystem
Binance has actively participated in helping achieve these token burns. As the number one LUNC burner, Binance has already burned over 51 billion tokens, accounting for 52.2% of all tokens removed from circulation.
However, there is still a circulating supply of 5.78 trillion LUNC tokens that need to be burned for the crypto token to reach at least $1. Token burns alone are not enough; there must also be an increased demand for the token. The development team is taking steps to increase LUNC’s utility and recently collaborated with Genuine Labs to enhance liquidity and cross-chain DeFi applications.
Hot Take: LUNC Token Sees Significant Price Surge Following Binance’s Burns
The recent burns of LUNC tokens by Binance have contributed to a notable increase in its price. As the leading crypto exchange, Binance has been actively involved in burning LUNC tokens, accounting for over half of the tokens removed from circulation. The Terra community is celebrating this price surge, but there is still a need to burn a significant portion of the circulating supply for LUNC to reach its desired value. The development team is working on increasing LUNC’s utility and collaborating with other entities to enhance liquidity and cross-chain applications. With ongoing efforts, the future looks promising for the LUNC token.
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