Sign Up on MEXCTerra Luna Classic Community Burns 76 Billion LUNC Tokens, Price Jumps
The total LUNC burned by the Terra Luna Classic community reaches 76 billion, hitting another milestone in the community’s efforts to reduce the circulating supply of LUNC since May 18, 2022. The world’s largest crypto exchange Binance has burned almost 38.94 billion LUNC, contributing over 50% to the total LUNC burned until now.
LUNC token circulating supply is 5.80 trillion and the total supply is 6.83 trillion LUNC. However, the community still needs to increase utility to increase the LUNC burn rate.
Terra Luna Classic Burn Hits 76 Billion Milestone
Terra Luna Classic burn campaign reached the 76 billion LUNC milestone as crypto exchanges, validators, projects, and members burn LUNC by sending it to the burn address. The community burns on average 400 million LUNC per week, with Binance sending billions to the burn address as part of its monthly LUNC burn mechanism.
Binance burned over 1 billion LUNC tokens in the 14th batch of the LUNC burn mechanism on October 1, with the LUNC burned by the crypto exchange to date reaching over 38.81 billion.
The Terra Classic L1 Task Force (L1TF) developer group and the Quant USTC repeg team aim to focus on reducing the LUNC and USTC circulating supply in Q4. The developers aim to repeg USTC to $1, working with exchanges for its successful completion.
Meanwhile, the Terra Luna Classic community now has a community-owned Galaxy Station wallet and Galaxy Finder blockchain explorer.
LUNC and USTC Prices Soar
LUNC price jumped 2% in the past 24 hours, with the price currently trading at $0.000056. The 24-hour low and high are $0.0000550 and $0.0000570, respectively. Terra Luna Classic still trades below the $0.000060 support level after a recent selloffs amid uncertainty.
Meanwhile, USTC price trades at $0.010, up just 0.5% in the past 24 hours, but down more than 1% in a week. The trading volume has decreased in the 24 hours.
Also Read:
- Crypto Market Selloff: Here’s Why Bitcoin, Ethereum, XRP, DOGE Falling Suddenly
- Ripple Moves 60 Million XRP, What’s Happening?
- Judge To Preclude Sam Bankman-Fried’s Defense On Anthropic Investments
- Grayscale’s XRP, SOL, ADA Fund To Begin Trading Tomorrow Following SEC’s Greenlight
- Donald Trump Petitions Supreme Court To Remove Fed Governor Lisa Cook
- Pi Coin Rises As Pi Network Implements Protocol v23 on Testnet
- Tether-Backed Plasma Stablecoin Blockchain Set to Launch on September 25
- Cathie Wood’s Ark Invest Backs Nasdaq-Listed Solmate To Launch $300M Solana Treasury
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 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.
