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Breaking: Binance Burns 1.41 Billion Terra Luna Classic (LUNC) Tokens

Binance burns 1.41 billion Terra Classic (LUNC) tokens in the 12th batch of LUNC burn mechanism, total burn by the community reaches 72 Bln.
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Breaking: Binance Burns 1.41 Billion Terra Luna Classic (LUNC) Tokens

The world’s largest crypto exchange Binance has burned 1.41 billion Terra Luna Classic (LUNC) tokens in the 12th batch of the LUNC burn mechanism. With the latest burn, the total LUNC burned by the crypto exchange reaches near 37 billion and the total burn by the community surpasses 71.5 billion LUNC tokens. Will Binance LUNC burn to bring necessary upside momentum?

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Binance Sent 1.41 Billion LUNC Tokens to Burn Address

Crypto exchange Binance sent 1.41 billion Terra Luna Classic (LUNC) tokens to the burn address to contribute to reducing the LUNC circulating supply, according to a transaction on August 1. The transaction also includes a transaction fee of 7.06 million LUNC.

The 11th batch of the LUNC burn mechanism is for the period June 30 to July 30, 2023. With the latest burn, Binance has burned nearly 37 billion Terra Luna Classic tokens in total from trading fees on LUNC spot and margin trading pairs.

In July, Binance burned 2.65 billion Terra Luna Classic tokens. The burn rate significantly increased last month amid positive sentiment due to the parity upgrade, professor Edward Kim’s AI app chain Block Entropy, and USTC repeg plan.

Meanwhile, the community has burned 71.5 billion LUNC tokens in total, surpassing the 70 billion LUNC milestone recently. The burn narrative has returned to the Terra Luna Classic community, with 800 million USTC also set to burn from Ozone Protocol.

Read More: Terra Luna Classic Community Set To Burn 800 Million Tokens, LUNC And USTC To $1?

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Terra Luna Classic Price Upside Momentum Ahead?

Terra ecosystem tokens LUNA fell 5%, while LUNC and USTC dropped 2% and 7%, respectively as Judge Rakoff denies Terraform Labs and Do Kwon’s motion to dismiss the US SEC lawsuit on Judge Torres’ ruling as precedent. The prices have fallen below key support levels.

LUNC price is currently trading at $0.0000796. However, According to CoinGape Markets, LUNC price can recover above the $0.00009 support level due to triangle pattern formation. Meanwhile, USTC price trades at $0.014.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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