The world’s largest cryptocurrency exchange, Binance, has once again drawn attention by burning 1.14 billion #TerraLunaClassic (LUNC) tokens. This move, part of the 26th round of the #LUNC✅ burn mechanism, caused a significant price increase for both LUNC and USTC by more than 10%. This surge has also fueled optimism among investors, who believe in the continued growth of these cryptocurrencies.
Binance Continues to Burn Terra Luna Tokens
#Binance is continuing its LUNC burn policy, a crucial step towards reducing the overall supply of tokens. In the latest round, the exchange burned 1.14 billion tokens, reaffirming its commitment to the Terra Luna Classic community. This action contributed to a price rise not only for LUNC but also for USTC, signaling growing market confidence in the future development of these assets.
Influential community members, such as LuncLive validator owner Diamondhandz, publicly praised Binance for its support. "Binance burned over 1.1 billion LUNC during their regular monthly burn! Thank you, CZ and the Binance team, for supporting the community since 2022!" he wrote on the platform X. This comment highlights the importance the community places on Binance’s actions.
Binance’s Key Role in Supporting the LUNC Ecosystem
Binance has played, and continues to play, a crucial role in supporting the Terra Luna Classic ecosystem. Since early 2022, the exchange has burned over 64 billion LUNC tokens. This mechanism reduces the overall supply, which can lead to a price increase over time if demand remains strong. Binance thus solidifies its position as the largest contributor to the #LuncBurn effort.
Market Optimism: LUNC and USTC Prices Rise
The frequency of token burns by Binance has significantly increased in recent months. In September alone, the exchange burned LUNC six times, a substantial increase from the previous monthly schedule. This new approach has fueled speculation that Binance is intensifying its efforts to restore the value of LUNC.
As a result, LUNC and USTC ( #USTC... ) prices have started to rise. In the last 24 hours, LUNC reached a high of $0.00009944, while USTC traded at $0.02433, with a peak of $0.02535 during the same period. The trading volume for USTC surged by 65% to $93.54 million, indicating growing investor interest. Market analysis suggests that after the latest Binance burn, LUNC could experience an additional 40% price increase.
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