Binance recently burned nearly 4 billion Terra Luna Classic (LUNC) tokens, increasing the total community-driven burn to an impressive 83 billion. This strategic move is designed to boost the scarcity of LUNC tokens, potentially impacting market dynamics.
Binance, the world’s largest crypto exchange, has recently executed the 16th batch of Terra Luna Classic (LUNC) token burn, eliminating almost 4 billion tokens. This brings Binance’s total LUNC burn to over 43 billion, constituting 52% of the total tokens burned by the Terra Luna Classic community. The reaction from traders to this Binance burn is yet to be seen.
Binance Burns 3.90 Billion Terra Luna Classic (LUNC) Tokens in 16th Batch
In its ongoing commitment to the community’s LUNC burn campaign, Binance executed the 16th batch of Terra Luna Classic (LUNC) token burn on December 1.The exchange sent 3.90 billion LUNC tokens to the burn address as part of the mechanism covering the period from October 31 to November 29.
Terra Luna Classic (LUNC) Supply
This move contributes to the reduction of the LUNC circulating supply, following Changpeng “CZ” Zhao’s exit as Binance CEO. Binance has now burned over 43 billion LUNC tokens, accounting for 52% of the total tokens burned by the community, which amounts to nearly 83 billion.
The recent surge in trading volumes, attributed to the launch of a USTC perpetual contract and new trading pairs FDUSD and TRY, has led to this substantial LUNC burn. However, it comes on the heels of a month with the lowest burn rate, marked by FUD, reduced developer activity, and decreased LUNC trading volumes on the exchange.
Terra Luna Classic (LUNC) and USTC Face Volatility Amid Market Profit Booking
In the past 24 hours, tokens within the Terra Luna Classic ecosystem, namely LUNC and USTC, faced a decline in value, attributed to profit booking activities in the broader cryptocurrency market.
Despite recent losses, LUNC exhibited a notable 65% surge in price throughout the week, currently trading at $0.000116. The 24-hour price fluctuation ranged from $0.000114 to $0.000121, accompanied by a reduction in trading volume.
On the other hand, USTC recorded an impressive 350% weekly rally, with the current price standing at $0.051. The 24-hour price range for USTC was between $0.050 and $0.055.
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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