Since May 18, 2022, the Terra Luna Classic community has been working to reduce the amount of LUNC that is in circulation, and now they have burned 76 billion LUNC in total. The largest cryptocurrency exchange in the world, Binance, has burned about 38.81 billion LUNC, making up more than half of all LUNC burned up to this point.
The total quantity of LUNC tokens is 6.83 trillion, with 5.80 trillion LUNC currently in circulation. To enhance the LUNC burn rate, the community must still increase utility.
Terra Luna Classic Burn Reaches Milestone of 76 Billion
The 76 billion LUNC milestone was attained by the Terra Luna Classic burn campaign as LUNC was sent to the burn address via cryptocurrency exchanges, validators, projects, and participants. The community burns 400 million LUNC on average every week, and as part of its monthly LUNC burn process, Binance sends billions to the burn address.
On October 1, Binance burnt the 14th batch of LUNC tokens, totaling over 1 billion tokens burned, bringing the total number of LUNC burned by the cryptocurrency exchange to over 38.81 billion.
In Q4, the Quant USTC repeg team and the Terra Classic L1 Task Force (L1TF) developer group will concentrate on lowering the circulating supply of LUNC and USTC. The developers are working with exchanges to successfully repeg USTC to $1.
Galaxy Station, a wallet owned by the Terra Luna Classic community, and Galaxy Finder, a blockchain explorer, are now both available.
USTC and LUNC under the gun
The price of LUNC decreased by 3% over the last day, and is now trading at $0.000056. The low and high values for the past 24 hours are $0.0000556 and $0.0000583, respectively. Last week, Terra Luna Classic was unable to hold above the $0.000060 support level and declined further under the cloud of doubt.
The price of USTC is currently $0.011, down more than 4% over the last day and 12% over the previous week. In the past 24 hours, the trade volume has also drastically fallen.