NewsletterBreaking: Binance Burns 1.7 Billion Terra Luna Classic (LUNC), What’s Ahead?
Highlights
- Binance burns 1.7 billion Terra Luna Classic (LUNC) tokens in its 23rd batch of LUNC burn mechanism.
- The community's net LUNC burn has now surpassed over 125 billion.
- Terra Classic ecosystem tokens LUNC and USTC prices surged amid the market recovery.
The world’s largest crypto exchange Binance has burned 1.7 billion Terra Luna Classic (LUNC) tokens in the latest transaction to burn wallet on Monday. After the 23rd batch of the LUNC burn mechanism, Binance has burned nearly 62 billion LUNC to date.
Moreover, the total LUNC tokens burned by the Terra Luna Classic community has reached over 125 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.
Binance Incinerates 1.7 Billion LUNC
The Terra Luna Classic community saw 1.7 billion Terra Luna Classic (LUNC) tokens burned by crypto exchange Binance, as per the burn transaction on July 1. The burn transaction also recorded 8.5 million LUNC in tax. Tax2Gas implementation expected this month will likely boost the burn narrative.
The 23rd batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between May 31 to June 29. Binance has now burned nearly 61.99 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.
As a result of the latest burn by Binance, the net burn by the Terra Luna Classic community has now surpassed 125 billion LUNC. Binance accounts for over 50% of the total LUNC burned since the community took control of the chain. The reason behind the low burn amount in contrast to the community is due to fewer transactions.
In the 22nd LUNC burn mechanism, Binance burned 1.35 billion Terra Luna Classic (LUNC) tokens. The exchange burned 1.35 billion in trading fees on LUNC spot and margin trading pairs worth $170,104.
Also Read: Terra Luna Classic To Remove 18 Billion LUNC From Supply, Will LUNC And USTC Rally?
LUNC and USTC Price Action
Spot and derivatives traders didn’t respond to the last Binance LUNC burn mechanism as Terra Luna Classic ecosystem tokens to pare recent gains.
LUNC price has jumped 1% in the last 24 hours, with the price currently trading at $0.00008148. The 24-hour high and low are $0.00008045 and $0.00008313, respectively. Moreover, the trading volume has increased by 28% in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, USTC price climbed 2% in the past 24 hours, with the price currently trading at $0.01796. The 24-hour low and high are $0.01759 and $0.01835, respectively. Trading volume has declined by 6% in the past 24 hours.
Also Read: Elon Musk Announces xAI Grok 2 AI Chatbot Release Date
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal 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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: Bitwise Files S-1 For SUI ETF With U.S. SEC
- Crypto Hacks 2025: North Korean Hackers Steal over $2B in ETH and SOL This Year
- Universal Exchange Bitget Removes Barriers to Traditional Markets, Offers Forex and Gold Trading to Crypto Users
- Breaking: U.S. CPI Inflation Falls To 2.7% YoY, Bitcoin Price Climbs
- Crypto Market Brace for Volatility Ahead of Today’s U.S. CPI Data Release – What to Expect
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
- Will Bitcoin Price Crash to $74K as Japan Eyes Rate Hike on December 19?
- Bitwise Predicts Solana Price Will Hit New All-Time Highs in 2026
- Bitcoin Price Outlook: Capriole Founder Warns of a Drop Below $50K by 2028
- XRP Price Rare Pattern Points to a Surge to $3 as ETFs Cross $1B Milestone
