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?
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?
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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