Crypto exchange Binance performed LUNC burn mechanism multiple times this month, sparking speculation in the Terra Luna Classic community. The exchange is the largest contributor, with 64.47 billion LUNC burned until now to support the revival of chain and price.
Has Binance LUNC Burn Mechanism Revised?
Binance LUNC burn data indicates that the crypto exchange has likely revised its LUNC burn mechanism, increasing the number of burns monthly. According to an earlier announcement, the exchange burns Terra Luna Classic tokens on the first of every month. However, the exchange burned the tokens six times this month.
This has sparked speculations as Binance had earlier reduced its Terra Luna Classic spot and margin trading fees to 50% instead of 100%. It even delayed sending the Terra Luna Classic trading fee burn contribution for months. However, the exchange is burning more tokens this time.
Binance burned 1.19 billion LUNC tokens in the 25th batch of the LUNC burn mechanism, the crypto exchange burned $97,229.23 in trading fees for the period between July 31 to August 29.
In addition to the main burn, the exchange burned 199,389 LUNC tokens in five transactions until now. Some Terra Luna Classic members believe the exchange has changed the way it has burned the tokens.
Terra Luna Classic Ecosystem Tokens Jump
LUNC price climbed 3% in the last 24 hours and 7% in a week, with the price currently trading at $0.00008557. The 24-hour high and low are $0.00008188 and $0.00008622, respectively. Moreover, the trading volume has increased by 16% in the past 24 hours, indicating a rise in interest among traders.
Coinglass data indicate 1000LUNC open interest on Binance and Bybit has jumped more than 5% in the past 24 hours. This indicates that derivatives traders are actively buying the crypto.
Meanwhile, USTC price climbed more than 2%, with the price now trading at $0.0177. Moreover, the trading volume saw a 72% rise in the last 24 hours. Traders are buying the dip, with an increase of 9% in a week.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: