In an important update, Binance’s 13th round of the LUNC burn process resulted in the destruction of 795.98 million Terra Classic tokens. This marks the first instance where the amount burned has dropped below one billion tokens.
Binance, the biggest crypto exchange globally, just completed a transaction that burned 795.98 million LUNC tokens. This burn is part of Binance’s continuous initiative to decrease the total number of LUNC tokens in circulation. Additionally, a transaction fee of 3.98 million LUNC was involved in this process.
Here’s what happened: Between July 31 and August 30, 2023, Binance carried out the 13th round of the LUNC burn process. They’ve now burned approximately 36.98 billion Terra Classic tokens in total, and these tokens come from trading fees generated by LUNC spot and margin trading pairs.
Last month, Binance burned 1.41 billion LUNC tokens, which is a 43% decrease in the burn rate. This drop can be attributed to various factors, including FUD (Fear, Uncertainty, Doubt).
Additionally, data reveals that the Terra Classic community has burned a total of 74.22 billion LUNC tokens. Notably, validator DFLunc and the TerraCasino project were the main contributors to the recent LUNC token burn. The community has also been focusing on the USTC repeg, which has had an impact on LUNC trading activity.
How the Community Reacted to Binance’s LUNC Burn
Community members are noticing that Binance’s LUNC token burn fell below one billion. While some are worried, most of the community reacted positively to this event. They are keeping a close eye on how things are progressing and the overall direction of LUNC.
Terra Classic (LUNC) and USTC Prices Facing Challenges
Tokens in the Terra Classic ecosystem faced a significant price drop last month. LUNC went down by 22%, and USTC lost 16% of its value. This decline matches the larger trend of falling prices in the overall market, which has put pressure on both LUNC and USTC.
After the Binance LUNC burn, there was a slight increase in LUNC’s price. However, it’s still down over the past 24 hours, with the current price at $0.00006133. Similarly, USTC prices have also decreased in the last 24 hours, and they’re currently trading at $0.01193. Notably, trading volume has seen a significant 150% increase during this time frame.
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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