In the sixteenth batch of the Terra Luna Classic (LUNC) burn, the largest cryptocurrency exchange in the world, Binance, burns around 4 billion LUNC tokens. With the most recent LUNC burn, the cryptocurrency exchange has burned almost 43 billion LUNC in total — 52% of all tokens burned by the Terra Luna Classic community. The Binance burn did not elicit an instant 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 CZ’s resignation as Binance CEO, 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 via the most recent burn, which was caused by trading fees on LUNC spot and margin trading pairings. Almost 83 billion LUNC tokens have been burnt 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 dip in LUNC trading volumes on the market, the burn rate drastically decreased.
But this week’s sharp increase in trade volumes brought about a major LUNC burn that the community hasn’t experienced in a few months. New USTC trading pairs, FDUSD and TRY, were introduced by Binance together with a perpetual contract, both of which have a significant impact on the volume of trades on the exchange.
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 dip in LUNC trading volumes on the market, the burn rate drastically decreased.
But this week’s sharp increase in trade volumes brought about a major LUNC burn that the community hasn’t experienced in a few months. New USTC trading pairs, FDUSD and TRY, were introduced by Binance together with a perpetual contract, both of which have a significant impact on the volume of trades on the exchange.
How Much Will LUNC and USTC Rally?
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.
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 during the past day, there has been a decline in trade volume.
In the meantime, the price of USTC increased by 350% this week, and it is currently trading at $0.05104. $0.04908 is the 24-hour low, while $0.05530 is the 24-hour high.
