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Binance’s Terra Luna Classic (LUNC) Burn Declines to 1.4 Billion
Crypto exchange Binance sent 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the LUNC burn transaction on May 1. The crypto exchange is the top contributor to LUNC burn, accounting for 52% of the total LUNC burned by the community.
Notably, the 21st batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between March 31 to April 29. Binance has now burned nearly 57.66 billion #TerraLunaClassic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.
The decline in trading volumes is due to fall in daily LUNC trading volume in April amid the market-wide drop in crypto prices and trading volumes. In March, LUNC saw massive trading volumes of over $100 million daily, with prices rallying past the $0.0002 level. In April, the average daily trading volumes were $30 million and prices have dropped to $0.0001. The market cap has also dropped from over $1 billion to under $600 million in a month.
In the 20th LUNC burn mechanism, Binance burned 4.17 billion Terra Luna Classic ($LUNC ) tokens. The exchange burned 4.17 billion in trading fees on #LUNC✅ spot and margin trading pairs worth $722,630 as trading volumes increased significantly in March.
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