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- Binance’s total LUNC burn rises over 59 billion after the latest Terra Luna Classic tokens burn.
- The latest LUNC burn is not part of Binance’s monthly LUNC burn mechanism.
- Total LUNC burned by the crypto exchange to date has now surpassed 59.07 billion.
Binance’s latest LUNC burn pushes the total to over 59 billion, signaling a potential recovery for LUNC and USTC prices.
Binance Burns Additional LUNC Tokens
Crypto exchange Binance burned another pack of Terra Luna Classic (LUNC) tokens this week, as per a transaction revealed by LUNC Burn Tracker. With the latest burn by Binance, the total LUNC burned by the crypto exchange has reached over 59 billion.
Details of the Latest Burn
Binance burns additional Terra Luna Classic (LUNC) tokens every month, which are not part of Binance’s monthly LUNC burn mechanism. Binance sent additional LUNC tokens to the burn wallet, as per a transaction on May 23.
Binance burned 1.4 billion Terra Classic tokens in the 21st batch of LUNC burn mechanism in early May. After the latest burn by Binance, the total LUNC burned by the crypto exchange to date has now surpassed 59.07 billion, accounting for 51.9% of total LUNC burned by the community.
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The total LUNC tokens burned by the Terra Luna Classic community have reached over 113.71 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.
LUNC and USTC Price Performance Amid Market-Wide Selloff
The crypto market saw broader retracements in the US hours as whales and investors sold their holdings, considering a similar selloff seen immediately after the spot Bitcoin ETF approval by the SEC in January.
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LUNC price fell 3% in the last 24 hours, paring most gains this week. The price is currently trading at $0.0001131, with a 24-hour low and high of $0.0001094 and $0.0001179, respectively. Furthermore, trading volume has decreased after a massive 231% jump on Wednesday.
Meanwhile, USTC price also dropped 4% over the last 24 hours due to profit booking by traders and investors. The price is trading at $0.02289, with a 24-hour low and high of $0.02128 and $0.02378, respectively.
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Conclusion
Binance’s continued support for the Terra Luna Classic community through its LUNC burn mechanism has significantly impacted the total tokens burned, surpassing 59 billion. Despite recent market-wide selloffs, the consistent reduction in LUNC supply could signal a potential recovery for LUNC and USTC prices. Investors should closely monitor these developments as they could influence future market dynamics.
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