Binance Destroys 796 Million Terra Luna Classic (LUNC) Tokens in 13th Burn, First Time Below 1 Billion.
The biggest crypto exchange, Binance, has destroyed 796 million Terra Classic (LUNC) tokens in the 13th burn event. Binance has now burned almost 37 billion LUNC tokens in total, while the community has burned over 74 billion. Traders quickly reacted to Binance’s latest burn, causing LUNC’s price to rise by 1% from its lowest point in the last 24 hours.
Binance Destroys 796 Million LUNC Tokens
Binance, a cryptocurrency exchange, recently burned 796 million Terra Luna Classic (LUNC) tokens and paid a transaction fee of 3.98 million LUNC. This move aims to reduce the supply of LUNC tokens in circulation.
This particular burn, known as the 13th batch of the LUNC burn mechanism, covers the period from July 31 to August 30, 2023. Binance has now burned nearly 37 billion Terra Classic tokens in total, which were collected from trading fees on LUNC spot and margin trading pairs.
It’s worth noting that last month, Binance burned 1.41 billion Terra Luna Classic (LUNC) tokens. The burn rate has decreased due to various factors, including concerns (FUD), resignations within the L1TF project, and a decline in LUNC trading volumes.
Meanwhile, the community has actively contributed by burning a total of 74.22 billion LUNC tokens. Validator DFLunc and project TerraCasino have played a significant role in this. Additionally, the community has shifted its focus from LUNC to USTC repeg, which has led to reduced LUNC trading activity.
While some members of the community expressed concerns about Binance’s LUNC burn falling below 1 billion for the first time, most reacted positively to the overall burn initiative.
Terra Luna Classic Price Faces Downward Pressure
Last month, tokens within the Terra Luna Classic ecosystem saw significant declines. LUNC fell by 22%, while USTC dropped by 16%. These price drops were a result of a broader selloff in the cryptocurrency market, putting pressure on LUNC and USTC prices.
After Binance’s recent burn of LUNC tokens, the LUNC price increased by 1%. However, it remains down by 3% in the last 24 hours, currently trading at $0.000061. During this period, the lowest price reached $0.0000612, while the highest was $0.0000644.
On the other hand, USTC’s price also decreased by 4% in the past 24 hours, with the current price at $0.011. Notably, trading volume surged by 150% during this timeframe.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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