The world’s largest crypto exchange Binance burned 2.21 billion Terra Luna Classic (LUNC) tokens in the 19th batch of the LUNC burn mechanism. As a result, the net LUNC burn by the crypto exchange reaches over 53 billion and the total tokens burned by the Terra Luna Classic community reaches over 102 billion.

The 100 billion LUNC milestone uplifted Terra Luna Classic community’s sentiment and confidence amid a collaborative effort to remove LUNC tokens from the circulating supply.

Binance Incinerates 2.21 Billion Terra Luna Classic (LUNC)

Binance sent 2.21 billion Terra Luna Classic (LUNC) tokens to the burn address terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu, as per the transaction on March 1.

Notably, the 19th batch of the LUNC burn mechanism Binance burned over 270 million trading fees for the period January 31 to February 28. After the latest burn, Binance’s total LUNC burn reaches 53.48 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs.

The current burn is significant as the Terra Luna Classic burn campaign hit the 100 billion LUNC burn milestone, with the total burn reaching over 102 billion. Crypto exchanges, validators, projects, and community members collectively burn on average over 400 million LUNC per week.

In February, Binance burned 2.1 billion Terra Luna Classic (LUNC) tokens. The burn rate significantly increased after a massive jump in LUNC trading volume on the crypto exchange amid a massive rally in Bitcoin price and altcoins.

LUNC token circulating supply is 5.78 trillion and the total supply is 6.80 trillion. As the bull market picks pace, LUNC community’s plans to boost utility, funding, and chain developments will support rise in LUNC burn rate.

Read More: Terra Luna Classic Hit 100 Billion LUNC Burn Landmark, LUNC Price Skyrockets

LUNC and USTC Prices Gain Momentum

Binance LUNC burn effortlessly pushing prices upwards as massive shorts are liquidated in the last 24 hours, indicating bullish sentiment among traders.

LUNC price jumps 30% in the last 24 hours and 45% in February, with the price currently trading at $0.000181. The 24-hour high and low are $0.00014 and $0.000185, respectively. Moreover, trading volume has increased by 21% in the last 24 hours, indicating high interest among traders. Investors eye LUNC hitting the $0.0002 resistance level soon.

Meanwhile, USTC price also jumped 12% in the last 24 hours after a 42% rally in February, with the price currently trading at $0.0386. The 24-hour low and high are $0.0350 and $0.0397, respectively. The rally will sustain as the community moves ahead with 800 million USTC burn, worth over $32 million.

Also Read: Cardano Founder Backs John Deaton In Senate Race Against Elizabeth Warren

The post Binance Burns 2.21 Billion Terra Luna Classic, LUNC Price Skyrockets Over 30% appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am