The world’s largest crypto exchange Binance has burned 1.7 billion Terra Luna Classic (LUNC) tokens in the latest transaction to burn wallet on Monday. After the 23rd batch of the LUNC burn mechanism, Binance has burned nearly 62 billion LUNC to date.

Moreover, the total LUNC tokens burned by the Terra Luna Classic community has reached over 125 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.

Binance Incinerates 1.7 Billion LUNC

The Terra Luna Classic community saw 1.7 billion Terra Luna Classic (LUNC) tokens burned by crypto exchange Binance, as per the burn transaction on July 1. The burn transaction also recorded 8.5 million LUNC in tax. Tax2Gas implementation expected this month will likely boost the burn narrative.

The 23rd batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between May 31 to June 29. Binance has now burned nearly 61.99 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.

As a result of the latest burn by Binance, the net burn by the Terra Luna Classic community has now surpassed 125 billion LUNC. Binance accounts for over 50% of the total LUNC burned since the community took control of the chain. The reason behind the low burn amount in contrast to the community is due to fewer transactions.

In the 22nd LUNC burn mechanism, Binance burned 1.35 billion Terra Luna Classic (LUNC) tokens. The exchange burned 1.35 billion in trading fees on LUNC spot and margin trading pairs worth $170,104.

Also Read: Terra Luna Classic To Remove 18 Billion LUNC From Supply, Will LUNC And USTC Rally?

LUNC and USTC Price Action

Spot and derivatives traders didn’t respond to the last Binance LUNC burn mechanism as Terra Luna Classic ecosystem tokens to pare recent gains.

LUNC price has jumped 1% in the last 24 hours, with the price currently trading at $0.00008148. The 24-hour high and low are $0.00008045 and $0.00008313, respectively. Moreover, the trading volume has increased by 28% in the last 24 hours, indicating a rise in interest among traders.

Meanwhile, USTC price climbed 2% in the past 24 hours, with the price currently trading at $0.01796. The 24-hour low and high are $0.01759 and $0.01835, respectively. Trading volume has declined by 6% in the past 24 hours.

Also Read: Elon Musk Announces xAI Grok 2 AI Chatbot Release Date

The post Breaking: Binance Burns 1.7 Billion Terra Luna Classic (LUNC), What’s Ahead? appeared first on CoinGape.

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Filed under: News - @ July 1, 2024 1:23 pm