Binance Burns 760 Million Terra Luna Classic (LUNC) Tokens in 15th Batch of Burn Campaign, Totaling 40 Billion Tokens

Binance Burns 760 Million Terra Luna Classic (LUNC) Tokens in 15th Batch of Burn Campaign, Totaling 40 Billion Tokens

Crypto News – Binance, the world’s largest cryptocurrency exchange, recently executed a burn of 760 million Terra Luna Classic (LUNC) tokens in its 15th batch of token burns. This action has pushed the total amount of LUNC tokens burned by Binance to nearly 40 billion. In addition to Binance’s efforts, the community has collectively burned more than 76 billion LUNC tokens. Traders are now eagerly awaiting potential price movements following this latest burn by Binance.

The burn, which took place on November 1, involved sending 760.42 million LUNC tokens to a designated burn address. This initiative is part of the broader LUNC burn campaign aimed at reducing the circulating supply of LUNC tokens. Notably, the 15th batch of the LUNC burn campaign covered the period from September 30 to October 30, 2023. Binance’s contribution to this initiative primarily stems from trading fees associated with LUNC spot and margin trading pairs.

In the previous month, Binance burned 1.01 billion Terra Luna Classic (LUNC) tokens. However, it’s worth noting that the burn rate has declined, possibly due to concerns (FUD), reduced developer activity, and a decrease in LUNC trading volumes on the exchange.

The Terra Luna Classic community has demonstrated strong commitment, having burned over 76 billion LUNC tokens since taking charge of the chain following the 2022 Terra-LUNA crisis. Although there was a decline in the amount of LUNC burned by Binance, many community members expressed their gratitude to Binance and its CEO CZ for their ongoing contributions to the burn campaign.

In a noteworthy development, the community is exploring the possibility of urging Binance to include USTC tokens in the burn process alongside LUNC. Binance had previously reduced its contribution to the burn campaign from 100% to 50% of LUNC spot and margin trading fees.

Amid a broader market pullback, prices for LUNC and USTC, tokens within the Terra Luna Classic ecosystem, experienced a significant drop over the last 24 hours. LUNC’s price decreased by 5% during this period, currently trading at $0.000062, with a 24-hour low of $0.0000616 and a high of $0.0000657. Similarly, USTC’s price fell by 4% within the same timeframe, now trading at $0.011, though there was a slight increase in trading volume over the past 24 hours.