In the sixteenth batch of the Terra Luna Classic (LUNC) burn, the largest cryptocurrency exchange in the world, Binance, burns nearly 4 billion LUNC tokens. With the most recent LUNC burn, the cryptocurrency exchange has burned over 43 billion LUNC in total—52% of all tokens burned by the Terra Luna Classic community. The Binance burn did not immediately elicit a response from traders.
Net Terra Luna Classic (LUNC) Burn on Binance Approaches 43 Billion
According to the transaction on December 1, cryptocurrency exchange Binance transferred 3.90 billion Terra Luna Classic (LUNC) tokens to the burn address. Following Changpeng “CZ” Zhao’s resignation as CEO of Binance, Binance has continued to support the community’s LUNC burn campaign, which aims to decrease the amount of LUNC in circulation.
Notably, the LUNC burn mechanism’s sixteenth batch covers the dates October 31 through November 29. Over 43 billion Terra Classic tokens have been burned by Binance through the most recent burn, which was caused by trading fees on LUNC spot and margin trading pairs. Almost 83 billion LUNC tokens have been burned by the community.
The lowest number of Terra Luna Classic (LUNC) tokens ever burned by Binance occurred in November, with 760 million. In the midst of FUD, decreased developer activity, and a decline in LUNC trading volumes on the exchange, the burn rate drastically decreased.
But as CoinGape noted, this week’s sharp increase in trading volumes led to a massive LUNC burn that the community hasn’t seen in a few months. New USTC trading pairs, FDUSD and TRY, were introduced by Binance along with a perpetual contract, both of which have a significant impact on the volume of trades on the exchange.
The Terra Luna Classic ecosystem’s tokens dropped over the past day, costing LUNC and USTC some recent gains as a result of profit-booking in the larger cryptocurrency market. Still,
This week, the price of LUNC increased by 65%, and it is now trading at $0.000116. $0.000114 is the 24-hour low, and $0.000121 is the 24-hour high. But over the past day, there has been a decline in trading volume.
In the meantime, the price of USTC increased by 350% this week, and it is currently trading at $0.051. $0.050 is the 24-hour low, and $0.055 is the 24-hour high.
