Terra Luna Classic Burn Mechanism Revised By Binance, What’s Next for LUNC?
Highlights
- Binance burning LUNC tokens multiple times this month sparked speculation in the Terra Luna Classic community.
- Exchange has burned 199,389 LUNC tokens in five transactions in addition to 1.19 billion LUNC burn.
- LUNC and USTC prices jump more than 2%.
Crypto exchange Binance performed LUNC burn mechanism multiple times this month, sparking speculation in the Terra Luna Classic community. The exchange is the largest contributor, with 64.47 billion LUNC burned until now to support the revival of chain and price.
Has Binance LUNC Burn Mechanism Revised?
Binance LUNC burn data indicates that the crypto exchange has likely revised its LUNC burn mechanism, increasing the number of burns monthly. According to an earlier announcement, the exchange burns Terra Luna Classic tokens on the first of every month. However, the exchange burned the tokens six times this month.
This has sparked speculations as Binance had earlier reduced its Terra Luna Classic spot and margin trading fees to 50% instead of 100%. It even delayed sending the Terra Luna Classic trading fee burn contribution for months. However, the exchange is burning more tokens this time.
Binance burned 1.19 billion LUNC tokens in the 25th batch of the LUNC burn mechanism, the crypto exchange burned $97,229.23 in trading fees for the period between July 31 to August 29.
In addition to the main burn, the exchange burned 199,389 LUNC tokens in five transactions until now. Some Terra Luna Classic members believe the exchange has changed the way it has burned the tokens.
Terra Luna Classic Ecosystem Tokens Jump
LUNC price climbed 3% in the last 24 hours and 7% in a week, with the price currently trading at $0.00008557. The 24-hour high and low are $0.00008188 and $0.00008622, respectively. Moreover, the trading volume has increased by 16% in the past 24 hours, indicating a rise in interest among traders.
Coinglass data indicate 1000LUNC open interest on Binance and Bybit has jumped more than 5% in the past 24 hours. This indicates that derivatives traders are actively buying the crypto.
Meanwhile, USTC price climbed more than 2%, with the price now trading at $0.0177. Moreover, the trading volume saw a 72% rise in the last 24 hours. Traders are buying the dip, with an increase of 9% in a week.
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
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.
