Binance Destroys 760 Million Terra Luna Classic (LUNC) Tokens in 15th Burn, Reaching a Total of 40 Billion Tokens Burned.
Binance, the world’s largest crypto exchange, has completed its 15th round of burning Terra Luna Classic (LUNC) tokens, totaling 760 million tokens. This brings Binance’s total LUNC burn to nearly 40 billion tokens. Impressively, the community has also burned over 76 billion LUNC tokens. Traders are hopeful that this latest burn by Binance will lead to a significant price increase.
Binance Burns 760 Million Terra Luna Classic Tokens
On November 1, Binance sent 760.42 million Terra Luna Classic (LUNC) tokens to the burn address, supporting the community’s LUNC burn campaign to reduce the token’s circulating supply.
This action is part of the 15th batch of the LUNC burn, covering the period from September 30 to October 30, 2023. With this latest burn, Binance has now burned nearly 40 billion Terra Classic tokens in total, collected from trading fees on LUNC spot and margin trading pairs.
In the previous month, Binance burned 1.01 billion Terra Luna Classic (LUNC) tokens. However, the burn rate has been decreasing due to concerns (FUD), reduced developer activity, and a decline in LUNC trading volumes on the exchange.
Since taking over responsibility for the chain after the 2022 Terra-LUNA crisis, the Terra Luna Classic community has burned more than 76 billion LUNC tokens in total. While there were some concerns about the decrease in Binance’s LUNC burn contribution, most community members expressed gratitude to Binance and its CEO, CZ, for their continued support of the burn campaign.
In the meantime, the community is considering requesting that Binance also burn USTC tokens. It’s worth noting that Binance had reduced its burn contribution from 100% to 50% of LUNC spot and margin trading fees in the past year.
Terra Luna Classic Tokens Dip in Last 24 Hours
In the past 24 hours, Terra Luna Classic’s tokens, LUNC and USTC, saw significant drops after experiencing gains in the recent market recovery. A broader crypto market sell-off prompted investors to book profits, putting pressure on the prices of LUNC and USTC.
LUNC’s price fell by 5% during this period, and it’s currently trading at $0.000062. The price ranged between $0.0000616 and $0.0000657 in the last 24 hours.
Similarly, USTC’s price also experienced a 4% drop in the past 24 hours and is now trading at $0.011. Notably, the trading volume slightly increased 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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