Binance destroys 1.41 billion Terra Classic (LUNC) tokens in the 12th round of the LUNC burn mechanism, bringing the community’s total burn to 72 billion tokens.
Binance, the world’s largest crypto exchange, recently destroyed 1.41 billion Terra Luna Classic (LUNC) tokens in the 12th batch of the LUNC burn mechanism. This brings the total LUNC burned by the exchange close to 37 billion, and the overall burn by the community exceeds 71.5 billion LUNC tokens.
The question remains whether Binance’s LUNC burn will generate the required upward momentum.
Binance Burns 1.41 Billion LUNC Tokens
On August 1, Binance sent 1.41 billion Terra Luna Classic (LUNC) tokens to the burn address in an effort to decrease the total circulating supply of LUNC. The transaction also involved a transaction fee of 7.06 million LUNC.
During the period from June 30 to July 30, 2023, Binance conducted the 11th batch of the LUNC burn mechanism, resulting in the burning of nearly 37 billion Terra Luna Classic tokens. The burn was achieved through trading fees on LUNC spot and margin trading pairs.
In July, Binance burned an additional 2.65 billion Terra Luna Classic tokens. The burn rate significantly increased last month, driven by positive sentiment surrounding the parity upgrade, professor Edward Kim’s AI app chain Block Entropy, and the USTC repeg plan.
Meanwhile, the Terra Luna Classic community has collectively burned a total of 71.5 billion LUNC tokens, surpassing the 70 billion LUNC milestone recently. The burn narrative remains active within the community, with an additional 800 million USTC set to burn from Ozone Protocol.
Potential Upside Momentum for Terra Luna Classic Price
Terra ecosystem tokens, including LUNA, LUNC, and USTC, experienced declines in their prices. LUNA fell by 5%, while LUNC and USTC dropped by 2% and 7% respectively, following Judge Rakoff’s decision to deny Terraform Labs and Do Kwon’s motion to dismiss the US SEC lawsuit based on Judge Torres’ ruling as precedent. As a result, the prices of these tokens have fallen below important support levels.
Currently, LUNC is trading at $0.0000796, but there is hope for recovery as CoinGape Markets suggests that the price may bounce back above the $0.00009 support level due to a triangle pattern formation. On the other hand, USTC is trading at $0.014.
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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