🔥📉BINANCE BURNS 4.17 BILLION TERRA LUNA CLASSIC (LUNC) TOKENS

In its latest burn transaction on May 1, crypto exchange Binance sent a staggering 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address. This move solidifies Binance's position as the primary contributor to the LUNC burn, representing 52% of the total tokens burned by the community.

🔥💰BURN MECHANISM DETAILS

The 21st batch of the LUNC burn mechanism saw Binance incinerating a significant amount of trading fees accumulated between March 31 to April 29. Overall, Binance has torched nearly 57.66 billion LUNC tokens from trading fees on LUNC spot and margin trading pairs.

📉💹DECLINING TRADING VOLUMES

The decline in trading volumes can be attributed to the drop in daily LUNC trading volume in April amid the broader market downturn. While March witnessed robust trading volumes exceeding $100 million daily, April saw a significant decrease to $30 million, with prices plunging below the $0.0002 level. Consequently, the market cap plummeted from over $1 billion to under $600 million within a month.

🔥🔄CONTINUED BURNING EFFORTS

In the previous 20th LUNC burn mechanism, Binance burned another 4.17 billion Terra Luna Classic ($LUNC) tokens, reflecting the exchange's commitment to burning trading fees on LUNC spot and margin trading pairs. This amounted to $722,630 worth of tokens burned as trading volumes surged in March.

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