- Binance has burned 1.7 billion Terra Luna Classic (LUNC) tokens, bringing its total to nearly 62 billion burned through its ongoing monthly burn mechanism.
- This latest burn raises the community’s net burn to over 125 billion LUNC, boosting interest and price action for Terra Luna Classic tokens.
Binance Continues its Support for Terra Luna Classic Revival
The world’s largest cryptocurrency exchange, Binance, has once again made headlines by burning a massive 1.7 billion Terra Luna Classic (LUNC) tokens. This transaction, part of Binance’s 23rd batch of the LUNC burn mechanism, took place on July 1, marking a significant milestone for the Terra Luna Classic community.
The recent burn has brought the total amount of LUNC tokens incinerated by Binance to nearly 62 billion. When combined with the community’s efforts, the net LUNC burn has now surpassed an impressive 125 billion tokens. Binance’s continuous support for the Terra Luna Classic revival since 2022, through its monthly LUNC burn mechanism, underscores its commitment to the community.
Binance Incinerates 1.7 Billion LUNC
In a move that highlights its unwavering support, Binance burned 1.7 billion LUNC tokens, along with an additional 8.5 million LUNC in tax, as recorded on July 1. This burn transaction is part of the exchange’s initiative to reduce the supply of LUNC through the Tax2Gas implementation, expected to further boost the burn narrative this month.
The 23rd batch of the LUNC burn mechanism saw Binance incinerate trading fees accumulated between May 31 and June 29. To date, Binance has burned nearly 62 billion LUNC tokens from trading fees on LUNC spot and margin trading pairs, representing over 50% of the total LUNC burned since the community regained control of the chain. This significant contribution is notable despite fewer transactions compared to the broader community.
Previously, in its 22nd LUNC burn mechanism, Binance burned 1.35 billion LUNC tokens, valued at $170,104, in trading fees on LUNC spot and margin trading pairs.
LUNC and USTC Price Action
The latest LUNC burn by Binance had a modest impact on the price of Terra Luna Classic tokens. The LUNC price experienced a 1% increase over the last 24 hours, trading at approximately $0.00008148. The token’s 24-hour high and low were recorded at $0.00008313 and $0.00008045, respectively. Additionally, trading volume surged by 28% in the past 24 hours, indicating a growing interest among traders.
Similarly, USTC, another token in the Terra Classic ecosystem, saw its price climb by 2% in the same period, reaching $0.01796. Despite this price increase, USTC’s trading volume declined by 6% over the past 24 hours.
Binance’s ongoing commitment to burning LUNC tokens plays a crucial role in the Terra Luna Classic revival. As the community eagerly awaits further developments, the impact of these burns on the token’s supply and price remains a focal point of interest in the cryptocurrency world.
