Binance Burns Nearly 4 Billion Terra Luna Classic (LUNC) Tokens, Total LUNC Burn by Community Reaches 83 Billion
Crypto News – Binance, the world’s largest cryptocurrency exchange, has executed a substantial token burn, consuming close to 4 billion Terra Luna Classic (LUNC) tokens in its 16th burn event. This latest action has pushed Binance’s cumulative LUNC token burn to over 43 billion, constituting 52% of the total tokens burned by the Terra Luna Classic community. The response from traders to this development has been somewhat subdued.
Binance’s Net Terra Luna Classic (LUNC) Burn Reaches 43 Billion
On December 1st, Binance carried out a transaction that saw 3.90 billion Terra Luna Classic (LUNC) tokens sent to a burn address. This initiative aligns with Binance’s ongoing commitment to contribute to the community’s LUNC burn campaign, aimed at reducing the circulating supply of LUNC following the departure of Changpeng “CZ” Zhao as Binance’s CEO.
It’s worth noting that the 16th batch of the LUNC burn mechanism covered the period from October 31st to November 29th. Through this latest burn, Binance has successfully incinerated over 43 billion Terra Classic tokens, sourced from trading fees generated on LUNC spot and margin trading pairs. Meanwhile, the Terra Luna Classic community has independently burned nearly 83 billion LUNC tokens.
November witnessed Binance executing its lowest LUNC token burn of 760 million tokens. This decline was attributed to factors such as FUD (Fear, Uncertainty, Doubt), diminished developer activity, and a reduction in LUNC trading volumes on the exchange.
However, recent events, as reported by CoinGape, have witnessed a substantial surge in trading volumes, resulting in a remarkable LUNC token burn, a level not seen for several months. Binance’s introduction of a USTC perpetual contract and new trading pairs, FDUSD and TRY, has significantly contributed to the exchange’s increased trading volume.
Prospects for LUNC and USTC Price Rally
Over the past 24 hours, tokens within the Terra Luna Classic ecosystem have experienced a decline, with both LUNC and USTC relinquishing some of their recent gains due to profit-taking in the broader cryptocurrency market. However,
LUNC has witnessed an impressive 65% increase in price this week, with the current trading price standing at $0.000116. The 24-hour trading range for LUNC spans from $0.000114 to $0.000121, albeit with a decrease in trading volume over the same period.
Meanwhile, USTC has demonstrated remarkable strength, posting a 350% price surge over the week, and currently trading at $0.051. The 24-hour price range for USTC spans from $0.050 to $0.055.
These developments hint at the potential for a resurgence in the prices of LUNC and USTC, even though recent market dynamics have prompted some consolidation.
Leave a comment