In the past 24 hours, there have been significant price movements for Terra Luna Classic (LUNC) and USTC. LUNC is currently trading at $0.000062, representing a 5% decrease from its recent value. Similarly, USTC has experienced a notable price shift and is now valued at $0.011, reflecting a 4% drop. Despite these fluctuations, USTC’s trading volume has slightly increased.
Terra Classic currently holds the 94th position in terms of market capitalization, which stands at around $375 million. There are approximately 5.7 trillion LUNC coins in circulation, but information about its maximum supply is still unknown. With a remarkable 12% surge in the past week, LUNC’s performance has sparked discussions about whether the sell-off is over.
Binance’s 15th Burn: 760 Million LUNC Tokens
In a recent transaction on November 1, Binance executed its 15th batch of Terra Luna Classic (LUNC) token burns. This round involved burning 760.42 million LUNC tokens by sending them to the burn address. The purpose of this initiative is to reduce the circulating supply of LUNC, and it covers the period from September 30 to October 30, 2023.
With this latest burn, Binance has burned nearly 40 billion LUNC tokens in total. These tokens were sourced from trading fees on LUNC spot and margin trading pairs. However, it’s important to note that the burn rate has recently declined due to factors like FUD (fear, uncertainty, and doubt), reduced developer activity, and lower trading volumes of LUNC on the exchange.
Community’s Impact on Token Burning
The Terra crash had a significant impact on the crypto industry, resulting in the loss of nearly $60 billion in market valuation. Market manipulators and mass liquidators played a significant role in this disaster. While it was devastating for investors and marketers, it serves as a valuable lesson for future investors.
Since taking control after the 2022 Terra-LUNA crash, the Terra Luna Classic community has been actively involved in token burning. Together, they have burned over 76 billion LUNC tokens, demonstrating a strong collective commitment to reducing the circulating supply.
The community is currently exploring the possibility of urging Binance to consider burning USTC tokens alongside LUNC. This proposal comes after Binance adjusted the burn contribution from 100% to 50% of LUNC spot and margin trading fees.
Hot Take: The Importance of Token Burning for Terra Luna Classic
The recent price movements and token burns highlight the significance of token burning for Terra Luna Classic (LUNC). The burns conducted by Binance have contributed to reducing the circulating supply and potentially stabilizing the value of LUNC. However, factors such as FUD and reduced trading volumes have impacted the burn rate.
Despite these challenges, the Terra Luna Classic community has shown a strong commitment to token burning, disposing of billions of LUNC tokens. Their efforts aim to create a more favorable market environment and restore investor confidence. Going forward, it will be interesting to see how Binance responds to the community’s proposal of burning USTC tokens alongside LUNC, further influencing the circulating supply dynamics.
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