Binance delivered 1.41 billion Terra Luna Classic (LUNC) tokens to the burn address.

2.65 billion Terra Luna Classic tokens were burned by Binance in July.

In the 12th round of the LUNC burn mechanism, Binance burned 1.41 billion Terra Luna Classic (LUNC) tokens. The most recent burn brings the overall number of LUNC tokens burned by the cryptocurrency exchange to 37 billion, and the total number of LUNC tokens burned by the community to over 71.5 billion.

In a transaction dated August 1st, cryptocurrency exchange Binance delivered 1.41 billion Terra Luna Classic (LUNC) tokens to the burn address, helping to reduce the LUNC circulating supply. There is a 7.06 million LUNC transaction fee included.

Nearly 37 billion Terra Luna Classic tokens have been burned by Binance so far, all from trading fees on LUNC spot and margin trading pairings.

2.65 billion Terra Luna Classic tokens were burned by Binance in July. Last month’s burn rate skyrocketed as optimism soared in the wake of the parity update, professor Edward Kim’s artificial intelligence app chain Block Entropy, and the USTC repeg plan.

Price in Consolidation Phase

Meanwhile, the community has burned over 70 billion LUNC tokens in the form of burns, having recently passed the 71.5 billion LUNC mark. On the other hand, LUNC and USTC prices fell by 2% and 7%, respectively. According to CMC, the price of LUNC is now trading at $0.00007941.

The LUNC price is trapped inside a horizontal price range as per the daily chart. In order for the LUNC cryptocurrency to surge over the top threshold of the consolidation phase, more buyers are required. However, volume variation appears to be below average, and it should increase in favor of bulls.

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Filed under: Bitcoin - @ August 1, 2023 5:25 pm