Binance Burns 4 Billion Terra Luna Classic Tokens, LUNC Jumps 20%
The world’s largest crypto exchange Binance burns almost 4 billion Terra Luna Classic (LUNC) tokens in the 16th batch of the LUNC burn. With the latest LUNC burn, the total LUNC burn by the crypto exchange to date reaches more than 43 billion, 52% of the total tokens burned by the Terra Luna Classic community. LUNC price jumps after the Binance LUNC burn mechanism.
Binance’s Net Terra Luna Classic (LUNC) Burn Reaches 43 Billion
Crypto exchange Binance sent 3.90 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the transaction on December 1. Binance continues contributing to the community’s LUNC burn campaign to reduce the LUNC circulating supply after the exit of Changpeng “CZ” Zhao as Binance CEO.
Notably, the 16th batch of the LUNC burn mechanism is for the period October 31 to November 29. With the latest burn, Binance has burned over 43 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs. The community has burned nearly 83 billion LUNC tokens.
In November, Binance burned 760 million Terra Luna Classic (LUNC) tokens, the lowest till now. The burn rate significantly declined amid FUD, reduced developer activity, and a fall in LUNC trading volumes on the exchange.
However, as CoinGape reported, the massive jump in trading volumes this week resulted in this huge LUNC burn the community hasn’t seen in the last few months. Binance launched a USTC perpetual contract and new USTC trading pairs FDUSD and TRY, which contribute massively to the exchange’s trading volume.
Read More: Terra Luna Classic All Set For Major Upgrade, LUNC And USTC To Rally Further
LUNC and USTC Price To Rally?
Terra Luna Classic ecosystem tokens fell in the last 24 hours, with LUNC and USTC giving up some recent gains due to profit booking in the broader crypto market. However, the prices to start rally in response to Binance LUNC burn.
LUNC price jumped 65% this week, with the price currently trading at $0.000116. The 24-hour low and high are $0.000114 and $0.000121, respectively. However, the trading volume has decreased in the last 24 hours.
Meanwhile, USTC price rallied 350% this week, with the price currently trading at $0.051. The 24-hour low and high are $0.050 and $0.055, respectively.
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