Binance Burns 1.35 Billion Terra Luna Classic, Crypto Exchange’s Net Burn Hits 60 Bln

The world’s largest crypto exchange Binance on Saturday burned 1.35 billion Terra Luna Classic tokens in the 22nd batch of its LUNC burn mechanism, continuing its support to the Terra Classic community.

Binance’s total LUNC burn to date has now surpassed 60 billion, accounting for more than 52% of the total LUNC burned by the Terra Luna Classic community.

Binance Sends 1.35 Billion Terra Luna Classic To Burn Address

Crypto exchange Binance sent 1.35 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the LUNC burn transaction on June 1.

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The 22nd batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between April 30 to May 30. Binance has now burned nearly 60.42 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.

Meanwhile, the net burn by the Terra Luna Classic community has now surpassed 116 billion LUNC.

Last month, Binance burned 1.4 billion Terra Luna Classic (LUNC) tokens. The exchange burned 1.40 billion in trading fees on LUNC spot and margin trading pairs worth $156,362 as trading volumes fell significantly in April. A similar decline in trading volumes was recorded in early May. However, trading volumes reversed higher in the last few weeks of May, with prices mostly traded sideways near $0.00012.

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Also Read: Top Meme Coins To Buy Now After This Move By Binance

LUNC Price to Rally 15%

LUNC and USTC prices continue to trade under pressure even after the Binance LUNC burn due to a recent crypto market selloff. It caused Terra Luna Classic ecosystem tokens to pare recent gains. The community narrative has switched to development activity and LUNC burns in May, bringing back speculation of LUNC price hitting $0.0002.

LUNC price has rallied over 17% in a month amid buying from spot and derivatives traders. The price is currently trading at $0.000117. The 24-hour high and low are $0.0001168 and $0.0001219, respectively. Traders currently await a local breakout in LUNC while the prices move gradually in an ascending channel.

Meanwhile, USTC price skyrocketed over 36% in a month, with the price currently trading at $0.02367. The 24-hour low and high are $0.02360 and $0.02502, respectively. Trading volume has declined in the past 24 hours.

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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.

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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.