The Terra Luna Classic (LUNC) burn has surpassed 85 billion, accompanied by a rally in LUNC and USTC, fueled by recent Binance announcements. This surge in burning reflects positive market sentiment, emphasizing the impact of recent developments on the Terra Luna Classic ecosystem.
The Terra Luna Classic community has successfully burned an impressive 85 billion LUNC tokens since May 18, 2022, marking a significant milestone in their ongoing efforts to decrease the circulating supply of LUNC. Binance, the world’s largest cryptocurrency exchange, has played a substantial role in this achievement by contributing nearly 43.6 billion LUNC, representing over 51% of the total tokens burned to date.
As of now, the circulating supply of LUNC tokens stands at 5.83 trillion, while the total supply is 6.82 trillion LUNC. Despite this progress, the community acknowledges the need to enhance the utility of LUNC to further boost the burn rate. This strategic approach aims to maximize the impact of token burning initiatives and optimize the overall ecosystem dynamics.
Community-Driven Governance of Terra Luna Classic
Terra Luna Classic operates under the governance of community-approved developers, trusted validators, and members. Following Do Kwon’s decision to separate the chain from TFL, the community has taken charge of managing the protocol.
The Terra Luna Classic burn campaign has achieved a remarkable milestone, surpassing the 85 billion LUNC mark. This accomplishment is a result of collaborative efforts, with crypto exchanges, validators, projects, and community members actively participating in burning LUNC tokens by sending them to the designated burn address. On average, the community burns around 200 million LUNC per week, and significant contributions from Binance, which sends billions to the burn address monthly, have played a pivotal role.
In the latest development, Binance executed a substantial burn, totaling almost 4 billion Terra Luna Classic (LUNC) tokens in the 16th batch of the LUNC burn on December 1. Binance’s cumulative contribution to the LUNC burn now stands at an impressive 43.6 billion tokens. This massive burn coincided with a surge in LUNC spot and margin trading volumes, driven by the introduction of USTC perpetual contracts on Binance and other exchanges, along with the listing of new USTC and LUNC pairs. The increased trading activity has further fueled the momentum of the Terra Luna Classic ecosystem.
LUNC and USTC Face Price Pressure Amid Broader Crypto Market Recovery
The Terra Luna Classic (LUNC) and USTC prices are encountering downward pressure, despite a resurgence in the broader cryptocurrency market. Investors are opting for profit booking, influenced by lower trading volumes observed in recent days.
LUNC has experienced a decline of over 2% in the last 24 hours, with the current trading value at $0.00019. The 24-hour price range fluctuated between $0.000196 and $0.000208. Notably, there has been a 20% decrease in trading volume over the same period.
The USTC price is currently at $0.0437, reflecting a decrease of more than 2% in the past 24 hours. The 24-hour low and high for USTC are recorded at $0.0434 and $0.0457, respectively. This downward trend in USTC prices aligns with the broader market dynamics.
Despite the overall recovery in the cryptocurrency market, the specific dynamics affecting LUNC and USTC underline the influence of profit-taking strategies and reduced trading activities among investors.
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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