Terra Luna Classic Community Burns 76 Billion LUNC Tokens

Terra Luna Classic Community Burns 76 Billion LUNC Tokens

The total LUNC burned by the Terra Luna Classic community reaches 76 billion, hitting another milestone in the community’s efforts to reduce the circulating supply of LUNC since May 18, 2022. The world’s largest crypto exchange Binance has burned almost 38.81 billion LUNC, contributing over 50% to the total LUNC burned until now.

LUNC token circulating supply is 5.80 trillion and the total supply is 6.83 trillion LUNC. However, the community still needs to increase utility to increase the LUNC burn rate.

Terra Luna Classic Burn Hits 76 Billion Milestone

Terra Luna Classic burn campaign reached the 76 billion LUNC milestone as crypto exchanges, validators, projects, and members burn LUNC by sending it to the burn address. The community burns on average 400 million LUNC per week, with Binance sending billions to the burn address as part of its monthly LUNC burn mechanism.

Binance burned over 1 billion LUNC tokens in the 14th batch of the LUNC burn mechanism on October 1, with the LUNC burned by the crypto exchange to date reaching over 38.81 billion.

The Terra Classic L1 Task Force (L1TF) developer group and the Quant USTC repeg team aim to focus on reducing the LUNC and USTC circulating supply in Q4. The developers aim to repeg USTC to $1, working with exchanges for its successful completion.

Meanwhile, the Terra Luna Classic community now has a community-owned Galaxy Station wallet and Galaxy Finder blockchain explorer.

LUNC and USTC Under Pressure

LUNC price fell 3% in the past 24 hours, with the price currently trading at $0.000056. The 24-hour low and high are $0.0000556 and $0.0000583, respectively. Terra Luna Classic failed to hold above the $0.000060 support level last week and fell further amid uncertainty.

Meanwhile, USTC price trades at $0.011, down over 4% in the past 24 hours and 12% in a week. The trading volume has also decreased significantly in the 24 hours.

Also Read:

✓ Share:

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.


Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!