Binance's Terra Luna Classic (LUNC) Burn Surpasses 40 Billion - November Sees 760 Million Tokens Go Up in Smoke
#Binance Initiates 15th Batch Burn: 760 Million Terra Luna Classic (LUNC) Tokens Turn to Ash, Total Reaches 40 Billion
In a strategic move, Binance, the globe's premier crypto exchange, has immolated 760 million Terra Luna Classic (LUNC) tokens as part of the 15th batch of #LUNC burns. This development propels the overall LUNC incineration by Binance to nearly 40 billion, contributing significantly to a community-driven burn exceeding 76 billion tokens. Following this latest burn, LUNC experienced a surge in price, underscoring Binance's commitment to reducing the circulating supply through its burn mechanism.
Covering the period from September 30 to October 30, 2023, the burn signifies Binance's persistent efforts to curtail the LUNC supply originating from trading fees on LUNC spot and margin trading pairs. Despite a decline in the burn rate attributed to FUD, diminished developer activity, and a dip in LUNC trading volumes on the exchange, the Terra Luna Classic community expressed gratitude to Binance and CEO CZ for their continued contribution to the burn campaign. Looking ahead, community discussions are brewing around the prospect of proposing the burning of USTC alongside LUNC, reminiscent of Binance's prior reduction in burn contribution from 100% to 50% of LUNC spot and margin trading fees.
Against the backdrop of a market-wide pullback, both LUNC and USTC prices witnessed a decline as investors opted for profit booking. LUNC faced a 5% dip in the last 24 hours, settling at $0.000062, while USTC experienced a 4% drop, currently trading at $0.011. Despite the setback in prices, USTC observed a slight increase in trading volume over the past 24 hours, indicating potential shifts in market dynamics."
