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Terra Luna Classic Burn Hits 400 Billion As Binance Burns Over 700 Million LUNC
The world’s largest crypto exchange Binance burns more than 700 million Terra Luna Classic tokens in the 30th batch of its LUNC Burn Mechanism. With this, the total LUNC tokens burned by the community has reached over 400 billion milestone. Also, the circulating supply has dropped to 5.5 trillion LUNC.
Meanwhile, LUNC price has dropped 6% amid the broader crypto market selloff due to a trade war triggered by US President Donald Trump.
Binance Burns 736 Million Terra Luna Classic LUNC Tokens
Crypto exchange Binance sent more than 736 million LUNC tokens to the burn address, as per the burn transaction on February 1. This was one of the lowest burn by the exchange since it started LUNC burn mechanism to support the Terra Luna Classic community.
In the 30th batch of the LUNC burn mechanism, the crypto exchange burned $87,923 in trading fees for the period between December 31 to January 30. This brings the total LUNC burned by the exchange to 70.85 billion LUNC tokens, as per the burn tracker.
Notably, Binance burned 1.7 billion LUNC tokens in the previous month after a massive trading volume in response to bankruptcy and token burns by Terraform Labs.
Terra Luna Classic Burn Landmark by the Community
The chain is managed by the Terra Luna Classic community with help from validators and developers via governance voting. The burn campaign has hit another landmark as the total LUNC burned by the community has surpassed 400 billion.
The community members are upbeat on the Terra Classic revival narrative. Multiple projects and Cosmos developers have come in support and performed tasks, with Binance founder Changpeng “CZ” Zhao promising the community to support in LUNC burn campaign.
LUNC and USTC Price Performance
LUNC price tumbled 6% in the last 24 hours, with the price currently trading at $0.00007068. The 24-hour low and high are $0.00007017 and $0.00007641, respectively.
However, the Terra Luna Classic trading volume has increased by 25% in the past 24 hours, indicating a rise in interest among traders. Analysts are still confident about a rally to $0.0005.
Meanwhile, USTC price also fell 8% to $0.013 in the last 24 hours. The trading volume has increased by 33% in the last 24 hours.
Varinder Singh
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space.
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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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