The price of LUNC surged by more than 30% after Binance, a major crypto exchange, burned 2.21 billion Terra Luna Classic tokens in its 19th batch of the LUNC burn process.
Binance, the largest crypto exchange, recently burned 2.21 billion Terra Luna Classic (LUNC) tokens, making it a total of over 53 billion tokens burned by the exchange and over 102 billion by the Terra Luna Classic community. The milestone of burning 100 billion LUNC tokens has boosted confidence within the community, highlighting their joint effort to decrease the circulating supply of LUNC tokens.
Binance’s Continued Terra Luna Classic (LUNC) Token Burns
Binance executed another significant burn of 2.21 billion Terra Luna Classic (LUNC) tokens, as indicated by a transaction on March 1. This burn, part of the 19th batch of the LUNC burn mechanism, included over 270 million trading fees accrued from January 31 to February 28. With this latest burn, Binance’s total LUNC burn has now reached 53.48 billion tokens, sourced from trading fees on LUNC spot and margin trading pairs.
Reaching Milestones in the LUNC Burn Campaign: This recent burn marks a significant milestone for the Terra Luna Classic burn campaign, surpassing the 100 billion LUNC burn milestone, with the total burn exceeding 102 billion tokens. Various stakeholders, including crypto exchanges, validators, projects, and community members, have been collectively burning over 400 million LUNC tokens per week.
Increased Burn Rate Amid Market Activity: In February alone, Binance burned 2.1 billion Terra Luna Classic (LUNC) tokens, signaling an accelerated burn rate following a substantial surge in LUNC trading volume on the crypto exchange amidst a bullish trend in Bitcoin and other altcoins.
Future Outlook for LUNC Token: With a circulating supply of 5.78 trillion and a total supply of 6.80 trillion tokens, the LUNC community anticipates further utility, funding, and chain development initiatives to support an increase in the LUNC burn rate as the bull market gains momentum.
Bullish Momentum in LUNC and USTC Prices
LUNC Price Surge Driven by Binance Burn and Short Liquidations: The LUNC price has seen a remarkable 30% surge in the past 24 hours, coupled with a 45% increase throughout February, reaching a current trading value of $0.000181. The recent boost in prices can be attributed to Binance’s ongoing LUNC burn initiative, which has instilled bullish sentiment among traders. Additionally, massive shorts being liquidated in the last 24 hours further indicate a positive outlook among market participants. The trading volume has surged by 21% in the same period, underscoring heightened interest among traders who are now eyeing the $0.0002 resistance level.
USTC Price Rally Fueled by Community Burn Initiative: In parallel, USTC has also experienced significant price movement, jumping 12% in the past 24 hours following a 42% rally in February. Currently trading at $0.0386, USTC’s recent surge is supported by community-driven initiatives, particularly the planned burn of 800 million USTC tokens, valued at over $32 million. The price volatility, evident by the 24-hour low of $0.0350 and high of $0.0397, indicates sustained momentum as the community rallies behind efforts to enhance the token’s value and utility.
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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