Terra Luna Classic reaches 76 billion LUNC token burn milestone as various participants in the crypto community continue to burn LUNC tokens.
The Terra Luna Classic community has now burned a total of 76 billion LUNC tokens, marking a significant achievement since May 18, 2022. Binance, the largest crypto exchange globally, has contributed more than half of this amount, burning nearly 38.81 billion LUNC tokens.
Currently, there are 5.80 trillion LUNC tokens in circulation out of a total supply of 6.83 trillion LUNC. To further increase the LUNC burn rate, the community aims to enhance the utility of the token.
Terra Luna Classic Burns 76 Billion Tokens
Terra Luna Classic has achieved a significant milestone by burning 76 billion LUNC tokens through contributions from crypto exchanges, validators, projects, and members. On average, the community burns about 400 million LUNC tokens every week. Binance, one of the world’s largest crypto exchanges, plays a crucial role in this by sending billions of LUNC tokens to the burn address as part of its monthly burn mechanism. To date, Binance has burned over 38.81 billion LUNC tokens.
The Terra Classic L1 Task Force (L1TF) developer group and the Quant USTC repeg team are working together to reduce the circulating supply of LUNC and USTC in the fourth quarter. They plan to repeg USTC to $1 and collaborate with exchanges to ensure its successful implementation.
Additionally, the Terra Luna Classic community has established a community-owned Galaxy Station wallet and Galaxy Finder blockchain explorer. These developments demonstrate the community’s commitment to enhancing the Terra Luna Classic ecosystem.
LUNC and USTC Prices Decline
The price of LUNC has dropped by 3% in the last 24 hours, currently at $0.000056. It reached a low of $0.0000556 and a high of $0.0000583 during this period. Last week, Terra Luna Classic couldn’t maintain its position above the $0.000060 support level, leading to further declines.
On the other hand, USTC is currently trading at $0.011, reflecting a 4% decrease in the past 24 hours and a 12% decline over the week. Additionally, the trading volume has notably decreased within the last 24 hours.
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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