Binance’s Terra Luna Classic (LUNC) Burn Reaches 40 Billion

Binance’s Terra Luna Classic (LUNC) Burn Reaches 40 Billion

The world’s largest crypto exchange Binance burns 760 million Terra Luna Classic (LUNC) tokens in the 15th batch of the LUNC burn. The total LUNC burned by the crypto exchange to date now reaches nearly 40 billion, with the total LUNC burned by the community surpassing 76 billion. Traders anticipate a jump in prices after the latest burn by Binance.

Binance Burns 760 Million Terra Luna Classic (LUNC) Tokens

According to a transaction on November 1, crypto exchange Binance sent 760.42 million Terra Luna Classic (LUNC) tokens to the burn address, contributing to the community’s LUNC burn campaign to reduce the LUNC circulating supply,

Notably, the 15th batch of the LUNC burn mechanism is for the period September 30 to October 30, 2023. With the latest burn, Binance has burned nearly 40 billion Terra Classic tokens in total from trading fees on LUNC spot and margin trading pairs.

Last month, Binance burned 1.01 billion Terra Luna Classic (LUNC) tokens. The burn rate has significantly declined amid FUD, reduced activity from developers, and a fall in LUNC trading volumes on the exchange.

The Terra Luna Classic community has burned more than 76 billion LUNC tokens in total, since taking responsibility for the chain after the 2022 Terra-LUNA crisis. Community members reacted to a drop in Binance LUNC burn below 1 billion for the second time. However, most members of the community thanked Binance and CEO CZ for continuing to contribute to the burn campaign.

Meanwhile, the community is considering asking Binance to burn USTC along with LUNC. Last year, Binance reduced burn contribution from 100% to 50% of LUNC spot and margin trading fees.

Also Read: Terra CEO Chris Amani’s Good News For All Cosmos Chains Including LUNC

LUNC and USTC Prices Fall Amid Market-Wide Pullback

Terra Luna Classic ecosystem tokens tumbled significantly in the last 24 hours, with LUNC and USTC giving up gains in the recent market recovery. A profit booking by investors in the broader crypto market resulted in LUNC and USTC prices remaining under pressure.

LUNC price fell 5% in the last 24 hours, with the price currently trading at $0.000062. The 24-hour low and high are $0.0000616 and $0.0000657, respectively.

Meanwhile, USTC price also tumbled 4% in the past 24 hours, with the price currently trading at $0.011. However, the trading volume has increased slightly in the past 24 hours.

Also Read: XRP and Solana Continue to Rally Defying Crypto Market Consolidation

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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