- Binance, the world’s largest crypto exchange, recently burned 2.1 billion Terra Luna Classic (LUNC) tokens in its 18th batch, bringing the total LUNC tokens incinerated to 51.27 billion.
- This marks over half of the tokens burned by the Terra Luna Classic community, and the overall burn campaign is approaching the significant milestone of 100 billion LUNC tokens.
In the latest development within the Terra Luna Classic (LUNC) community, Binance, the world’s largest cryptocurrency exchange, has incinerated a staggering 2.1 billion LUNC tokens in its 18th batch of the LUNC burn mechanism. This action brings the total LUNC tokens obliterated by Binance to an impressive 51.27 billion, constituting a remarkable 52.4% of the entire tokens burned by the Terra Luna Classic community.
The LUNC burn initiative is a collective endeavor by the community aimed at reducing the circulating supply of LUNC tokens. Remarkably, the campaign is on the verge of hitting the significant milestone of burning 100 billion LUNC tokens.
Binance Leads the Charge with 2.1 Billion LUNC Tokens Scorched
The 18th batch of the LUNC burn mechanism, covering the period from December 31 to January 30, witnessed Binance intensifying its efforts by burning an additional 2.1 billion LUNC tokens. This move is a testament to Binance’s commitment to actively participate in the reduction of LUNC tokens and maintain a healthy ecosystem.
January saw a substantial increase in the burn rate, with Binance torching 5.57 billion Terra Luna Classic (LUNC) tokens. This spike was attributed to a surge in LUNC trading volume on the exchange following the introduction of USTC perpetual contracts and new trading pairs, contributing significantly to the token’s overall trading activity.
Terra Luna Classic Community Nears 100 Billion LUNC Burn
The broader Terra Luna Classic community, comprised of crypto exchanges, validators, projects, and community members, has collectively burned an impressive 98 billion LUNC tokens. The community’s sustained efforts result in an average weekly burn of 600 million LUNC tokens.
Terra Classic Ecosystem Tokens and Market Dynamics
Despite recent fluctuations, the community remains optimistic about the future performance of LUNC. Currently trading at $0.00009444, the token experienced a 7% decrease this week. Simultaneously, USTC prices are exhibiting sideways movement, trading at $0.02409. The market anticipates a broader recovery in response to the upcoming Bitcoin halving.
In conclusion, the recent incineration of 2.1 billion LUNC tokens by Binance marks a significant stride towards the 100 billion milestone in the ongoing Terra Luna Classic burn campaign. The collaborative efforts of the community, coupled with Binance’s proactive involvement, showcase a commitment to ensuring the long-term sustainability and vitality of the Terra Classic ecosystem.