Binance Burns 4.17 Billion Terra Luna Classic (LUNC)
Highlights
- Crypto exchange Binance burns 4.17 billion Terra Luna Classic (LUNC) tokens
- Total LUNC burned by Binance reaches over 56 billion and community burn nears 110 billion
- LUNC and USTC price rebounds after the Binance LUNC burn.
The world’s largest crypto exchange Binance burned 4.17 billion Terra Luna Classic (LUNC) tokens in its 20th batch of the LUNC burn mechanism. Following the latest burn by Binance, the net LUNC burned by the crypto exchange has now surpassed over 56 billion. Moreover, the total tokens burned by the Terra Luna Classic community has reached nearly 110 billion.
Binance Burns 4.17 Billion Terra Luna Classic (LUNC)
Crypto exchange Binance sent 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the transaction on April 1.
Notably, the 20th batch of the LUNC burn mechanism Binance burned over 350 million in trading fees for the period between February 29 to March 30. Binance has now burned nearly 56 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.
In March, Binance burned 2.21 billion Terra Luna Classic (LUNC) tokens. The crypto exchange continues to burn LUNC every month under the new CEO Richard Teng, meeting the commitment by ex-CEO Changpeng Zhao to the Terra Luna Classic Community.
Meanwhile, the daily burn rate has decreased as compared to earlier months due to an increase in LUNC price. However, the trading volume on crypto exchanges remained higher amid a massive rally in Bitcoin price and altcoins.
Read More: LUNC Price Rallied 400%, Analyst Predicts Further 270% Upside on Breakout
LUNC and USTC Prices Rebound
Terra Classic ecosystem tokens LUNC and USTC rebound after Binance burned over 4 billion LUNC.
LUNC price rebounded over 1% from the support level, but the price is still down 1% in the last 24 hours. The price is currently trading at $0.000152. The 24-hour high and low are $0.000150 and $0.000161, respectively.
Moreover, trading volume has increased by 95% in the last 24 hours, indicating high interest among traders. However, LUNC futures data currently indicates a lack of trading among derivative traders.
Meanwhile, USTC price fell 2% in the last 24 hours, with the price currently trading at $0.0276. The 24-hour low and high are $0.0270 and $0.0289, respectively. Trading volume has jumped by 80% in past 24 hours.
Also Read: Top 5 Crypto To Buy That Confirmed Bullish Breakout For Massive Gains In April
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