Binance burned 1.35 billion LUNC tokens, bringing the total amount burned by the exchange to 60 billion. This significant milestone has led to speculation about whether the price of LUNC will rally as a result.
On Saturday, Binance, the world’s largest crypto exchange, burned 1.35 billion Terra Luna Classic tokens as part of its 22nd LUNC burn batch, showing its ongoing support for the Terra Classic community. With this burn, Binance’s total LUNC burned now exceeds 60 billion, making up more than 52% of the total LUNC burned by the community.
Binance Burns 1.35 Billion Terra Luna Classic (LUNC) Tokens
On June 1, crypto exchange Binance sent 1.35 billion Terra Luna Classic (LUNC) tokens to the burn address, marking the 22nd batch of its LUNC burn mechanism. This burn represents a significant amount of trading fees collected between April 30 and May 29. With this latest burn, Binance has now burned nearly 60.42 billion LUNC tokens from trading fees on LUNC spot and margin trading pairs.
Last month, Binance burned 1.4 billion LUNC tokens, amounting to $156,362 in trading fees on LUNC spot and margin trading pairs. The burn in April occurred amidst significantly lower trading volumes. A similar decline in trading volumes was noted in early May. However, trading volumes saw a reversal and increased in the last few weeks of May, with LUNC prices trading mostly sideways near $0.00012.
LUNC and USTC Prices Under Pressure Despite Binance Burn
LUNC and USTC prices continue to trade under pressure even after Binance’s recent burn of LUNC tokens. A recent crypto market selloff has caused Terra Luna Classic ecosystem tokens to pare back recent gains. The community has shifted its focus to development activity and LUNC burns in May, reigniting speculation that LUNC’s price could reach $0.0002.
Over the past month, LUNC’s price has rallied more than 17%, driven by buying from spot and derivatives traders. LUNC is currently trading at $0.000117, with a 24-hour high of $0.0001219 and a low of $0.0001168. Traders are now awaiting a local breakout in LUNC as prices gradually move within an ascending channel.
Meanwhile, USTC’s price has soared over 36% in the past month, with the current price at $0.02367. The 24-hour high and low are $0.02502 and $0.02360, respectively. Despite this increase, trading volume has declined over the past 24 hours.
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