Binance’s 1.7 Billion Terra Luna Classic Burn: What’s Next?
Binance recently completed the 23rd batch of burning Terra Luna Classic (LUNC) tokens, destroying a total of 1.7 billion LUNC. This brings the total of LUNC burned by Binance to nearly 62 billion. The overall LUNC tokens burned by the Terra Luna Classic community have now exceeded 125 billion. Binance has been supporting the community for the revival of Terra Luna Classic since 2022 through its monthly LUNC burn mechanism.
In this latest burn, Binance also recorded 8.5 million LUNC in tax, and it is expected that the Tax2Gas implementation this month will further enhance the burn narrative.
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It’s worth noting that Binance has accounted for over 50% of the total LUNC burned since the community took control of the chain. This is mainly due to the lower burn amount resulting from fewer transactions.
In comparison, in the 22nd LUNC burn mechanism, Binance burned 1.35 billion LUNC tokens, worth $170,104.
LUNC and USTC Market Trends
Regarding price action, the LUNC price has increased by 1% in the last 24 hours and is currently trading at $0.00008148, with a 24-hour high and low of $0.00008045 and $0.00008313 respectively. Trading volume has also surged by 28% in the last 24 hours.
On the other hand, the USTC price has risen by 2% in the past 24 hours and is currently trading at $0.01796, with a 24-hour low and high of $0.01759 and $0.01835 respectively. However, trading volume has decreased by 6% in the same period.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
