The world’s largest crypto exchange Binance burned 2.1 billion Terra Luna Classic (LUNC) tokens in the 18th batch of the LUNC burn mechanism. The total LUNC burned by the crypto exchange to date reaches over 50 billion, which is 52.4% of the total tokens burned by the Terra Luna Classic community.

LUNC burn is a collaborative effort by the Terra Luna Classic community to remove LUNC tokens from the circulating supply. The burn campaign is already near the 100 billion LUNC landmark.

Binance Burn 2.1 Billion Terra Luna Classic (LUNC)

Binance sent 2.1 billion Terra Luna Classic (LUNC) tokens to the burn address terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu, as per the transaction on January 1.

Notably, the 18th batch of the LUNC burn mechanism was for the period December 31 to January 30. After the latest burn, Binance LUNC burn has reached 51.27 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs.

In January, Binance burned 5.57 billion Terra Luna Classic (LUNC) tokens. The burn rate significantly increased after a massive jump in LUNC trading volume on the crypto exchange. Binance and other crypto exchanges launched a USTC perpetual contract, and new USTC and LUNC trading pairs, which contributed massively to the trading of the tokens.

Meanwhile, Terra Luna Classic burn campaign has now hit the 98 billion LUNC milestone in a coordinated effort by crypto exchanges, validators, projects, and community members. The community on average burns 600 million LUNC per week.

Terra Classic Ecosystem Tokens Performance

LUNC and USTC prices await a broader market recovery in response to the upcoming Bitcoin halving. Also, LUNC, 1000LUNC, and LUNA longs were liquidated over the last 24 hours, indicating shorting by traders.

LUNC price fell 7% this week, with the price currently trading at $0.00009444. The 24-hour high and low are $0.00009415 and $0.00009699, respectively. The community is still bullish on LUNC to hit local highs.

Meanwhile, USTC price moving sideways in the last 24 hours, with the price currently trading at $0.02409. The 24-hour low and high of $0.02387 and $0.02438, respectively.

Also Read:

Cathie Wood’s Ark Invest Double Down On Bitcoin With ARKB, Tesla, Robinhood Shares
Fed Officials Push Back on Rate Cuts Before June, Macro Pressure Builds on Bitcoin
Terra Luna Classic (LUNC) Delisting Delayed By Crypto.com?

The post Terra Luna Classic (LUNC) Burn Nears 100 Billion As Binance Incinerate 2.1 Mln Tokens appeared first on CoinGape.

---

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