Binance, the world’s largest crypto exchange, burned 1.4 billion Terra Luna Classic (LUNC) tokens on Wednesday, making it the 21st batch of burns. This brings the total number of LUNC tokens burned by Binance to over 57 billion.
Additionally, the Terra Luna Classic community has also burned over 112 billion LUNC tokens. Binance has been supporting the Terra Luna Classic community since 2022 through its monthly LUNC burn initiative, aiming to aid in the project’s revival.
Binance Burns 4.17 Billion Terra Luna Classic (LUNC) Tokens
Binance, a leading crypto exchange, conducted a significant burn of 4.17 billion Terra Luna Classic (LUNC) tokens on May 1. This transaction contributes to Binance’s position as the top contributor to LUNC burn, responsible for 52% of the total tokens burned by the community.
The 21st batch of the LUNC burn mechanism by Binance involved the burning of trading fees accumulated between March 31 and April 29. This move adds to Binance’s total of nearly 57.66 billion LUNC tokens burned from trading fees on LUNC spot and margin trading pairs.
The decrease in trading volumes has impacted the LUNC market, with daily trading volume plummeting in April amidst a broader decline in crypto prices and trading activities. March witnessed substantial trading volumes exceeding $100 million daily, propelling prices above $0.0002. However, April’s average daily trading volumes dropped to $30 million, with prices declining to $0.0001, leading to a decrease in market capitalization from over $1 billion to under $600 million within a month.
In the 20th LUNC burn mechanism, Binance also burned 4.17 billion Terra Luna Classic (LUNC) tokens, reflecting the exchange’s commitment to reducing token supply and supporting the LUNC ecosystem.
Binance LUNC Burn Sparks Positive Reaction in Terra Luna Classic Ecosystem
Traders swiftly responded to Binance’s burn of LUNC tokens, resulting in a favorable rebound in prices within the Terra Luna Classic ecosystem. Despite Bitcoin’s correction of over 10%, the LUNC price experienced a minor 5% decline over the course of a day. Currently, LUNC is trading at $0.00009531, with a 24-hour high of $0.0001001 and a low of $0.00009272. Additionally, there has been a slight increase in trading volume within the last 24 hours.
Furthermore, derivatives traders have shown buying activity in LUNC and 1000LUNC futures open interest following Binance’s LUNC burn. Open interest on both Binance and Bybit has risen by over 1-3% in the past few hours, as reported by Coinglass.
Meanwhile, USTC price experienced a 2% decline in the last 24 hours, with the current price standing at $0.01724. The 24-hour low and high for USTC are $0.01638 and $0.01789, respectively, accompanied by a notable 37% increase in trading volume within the past day.
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