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.
Also Read:
- Coinbase Listing Shiba Inu, Floki, Bonk Perpetual Futures
- Coinbase Loses Supreme Court Case Over Dogecoin Dispute
- Gary Gensler Praises US SEC’s Achievements in Court on Crypto Cases
- Is Changpeng “CZ” Zhao Returning To Binance? Probably Not
- Ripple-Backed Evernorth XRP Treasury’s Holdings Reach $1B Ahead of Nasdaq Listing
- Crypto Market Rally: BTC, ETH, SOL, DOGE Jump 3-7% as US China Trade Talks Progress
- Court Rules XRP as Property in Landmark WazirX Hack Case, Barred Redistribution
- Ethereum Supercycle Strengthens as SharpLink Gaming Withdraws $78.3M in ETH
- Can Bitcoin Price Break $125k If President Trump Announces Deal with China on October 30th?
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
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.
