Binance Burns More Terra Classic (LUNC) Tokens, Net Burn Reaches Over 59 Billion
Highlights
- Binance burned additional Terra Luna Classic (LUNC) tokens this week.
- The latest LUNC burn is not part of Binance's monthly LUNC burn mechanism.
- Total LUNC burned by the crypto exchange to date has now surpassed 59.07 billion.
Crypto exchange Binance burned another pack of Terra Luna Classic (LUNC) tokens this week, as per a transaction revealed by LUNC Burn Tracker. With the latest burn by Binance, the total LUNC burned by the crypto exchange has reached over 59 billion.
Binance to burn Terra Luna Classic tokens as part of the monthly LUNC burn mechanism on June 1, with an expectation of a further drop in burn amount as LUNC trading volume remained low in May.
Binance Burns Additional LUNC Tokens
Crypto exchange Binance burns additional Terra Luna Classic (LUNC) tokens every month, which are not part of Binance’s monthly LUNC burn mechanism. Binance sent additional LUNC tokens to the burn wallet, as per a transaction on May 23.
Binance burned 1.4 billion Terra Classic tokens in the 21st batch of LUNC burn mechanism in early May. After the latest burn by Binance, the total LUNC burned by the crypto exchange to date has now surpassed 59.07 billion, accounting for 51.9% of total LUNC burned by the community.
The total LUNC tokens burned by the Terra Luna Classic community has reached over 113.71 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.
Also Read: Terra Luna Classic IBC Proposal Officially Passed, LUNC Price Jumps
LUNC and USTC Price Performance Amid Market-Wide Selloff
Crypto market saw broader retracements in the US hours as whales and investors sold their holdings, considering a similar selloff seen immediately after the spot Bitcoin ETF approval by the SEC in January. However, prices rebound after the SEC approved spot Ether ETFs.
LUNC price is up more than 3% this week. The price is currently trading at $0.0001131, with a 24-hour low and high of $0.0001094 and $0.0001179, respectively. Furthermore, trading volume has decreased further in the last 24 hours.
Meanwhile, USTC price trades at $0.02248, moving mostly sideways this week. The 24-hour low and high are $0.02128 and $0.02296, respectively.
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