The Terra Luna Classic community has burned 85 billion LUNC since May 18, 2022. This is another milestone in the community’s efforts to reduce the circulating supply of LUNC. The world’s largest crypto exchange Binance has contributed almost 43.6 billion LUNC to the total burn, contributing over 51% to the total LUNC burned until now.
LUNC token circulating supply is 5.83 trillion and the total supply is 6.82 trillion LUNC. However, the community still needs to increase utility to increase the LUNC burn rate.
Terra Luna Classic is managed by community-approved developers, as well as trusted validators and members after Do Kwon separated the chain from TFL.
Terra Luna Classic burn campaign has reached the 85 billion LUNC milestone as crypto exchanges, validators, projects, and members burn LUNC by sending it to the burn address. The community burns on average 200 million LUNC per week, with Binance sending billions to the burn address every month.
Binance burned almost 4 billion Terra Luna Classic (LUNC) tokens in the 16th batch of the LUNC burn on Dec 1. The total LUNC burned by the crypto exchange to date has reached 43.6 billion.
The massive burn came amid an increase in LUNC spot and margin trading volumes after Binance and other exchanges launched USTC perpetual contracts and listed new USTC and LUNC pairs.
Read More: Terra Luna Classic L1TF Successfully Completed v2.3.2 Upgrade, Will LUNC Price Rally?
LUNC and USTC prices move under pressure despite a recovery in the broader crypto market. Investors continue profit booking due to low trading volumes in the last few days.
LUNC price jumped 1% in the last 24 hours, with the price currently trading at $0.00019. The 24-hour low and high are $0.000196 and $0.000208, respectively. Trading volume has increased by 120% in the last 24 hours.
Meanwhile, USTC price trades at $0.0437, up nearly 2% in 24 hours. The 24-hour low and high are $0.0434 and $0.0512, respectively.
Also Read:
Marex Group, a Nasdaq-listed diversified financial services firm, has revealed a massive XRP exposure, becoming…
Ripple CEO Brad Garlinghouse sparked speculations within the community, stating what makes XRP “unique” as…
The most-awaited CLARITY Act has secured a majority in the US Senate Banking Committee to…
The U.S. Senate has confirmed pro-crypto Kevin Warsh as the next Federal Reserve chair, replacing…
Bitcoin dropped beneath the $80,000 level on Wednesday, May 13. The dip came following stronger…
The Senate Banking Republicans have secured enough votes to advance the CLARITY Act, at least…