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Binance Burns 1 Billion LUNC Tokens, Whats Next For Terra Luna Classic
The world’s largest crypto exchange Binance burned 1.048 billion Terra Luna Classic tokens in the 27th batch of its LUNC burn mechanism. With the latest Binance LUNC burn, the total tokens burned by the Terra Classic community reached almost 137 billion.
The burn has sparked bullish speculation in the community. Will LUNC price recover to 0.0001 again this week for further rally amid massive token burn by Terraform Labs?
Binance Sends 1 Bln Terra Luna Classic (LUNC) to Burn Address
The Terra Luna Classic community saw 1.048 billion LUNC tokens burned by crypto exchange Binance, as per the burn transaction on November 1. Also, the burn transaction saw tax costs of 5.2 million LUNC.
In the 27th batch of the LUNC burn mechanism, the crypto exchange burned $95,073.99 in trading fees for the period between September 30 to October 30. The total LUNC burned by one of the top crypto exchanges has now reached nearly 66.66 billion LUNC tokens.
It’s important to note that Binance burned 1.14 billion LUNC in the previous batch of the monthly burn mechanism. The exchange burns 50% of LUNC spot and margin trading fees monthly to support the Terra Luna Classic community’s revival efforts.
The community has burned nearly 137 billion LUNC tokens in 2 years. The community now hopes to see major LUNC and USTC burn as part of the bankruptcy court’s decision to Terraform Labs.
LUNC and USTC Price Performance
LUNC price dropped 8% in the last 24 hours and pared all last week’s gains amid the crypto market selloff. The price is currently trading at $0.00008936, with a 24-hour low and high of $0.00008868 and $0.00009834, respectively. Moreover, the Terra Luna Classic trading volume has decreased by 50% in the past 24 hours, indicating a rise in interest among traders.
Meanwhile, USTC price tumbled more than 10%, but was up 1% in a week. The price is now trading at $0.0222, with the trading volume also declining by 50% in the last 24 hours.
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.
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