Binance Burns 1.14 Billion Terra Luna Classic
Binance Continues Terra Luna Classic Burn Initiative
In the latest move, the top crypto exchange Binance has burned 1.14 billion LUNC tokens. This reflects the exchangeâs commitment to the Terra Luna Classic community, which has sparked market optimism. Besides, this substantial burn has pushed the prices of LUNC and USTC higher today by more than 10%, indicating a growing market confidence.
LuncLive validator owner, Mr. Diamondhandz, highlighted the importance of Binanceâs contribution to social media platform X, expressing his gratitude to Binance CEO Changpeng Zhao and his team. He said, âBinance burned 1,142,098,248.09 LUNC for their monthly burn! Thank you CZ and company for supporting the LunaClassic community since 2022! LUNC to the moon!â His statement reflects the communityâs optimism and ongoing support for the revival of the Terra Classic ecosystem.
Binance has played a key role in supporting the LUNC ecosystem, burning over 64 billion tokens through September. The LUNC burn mechanism is crucial to decreasing token supply, which in turn, could boost its price as demand rises. Binanceâs sustained efforts have made it the largest contributor to the LUNC burns.
Binance has increased its frequency of burns in recent months. In September alone, the exchange performed the LUNC burn six times, a significant jump from its previous once-a-month schedule. This revised approach has led to speculation within the Terra Luna Classic community that Binance may be ramping up its commitment to reviving the tokenâs value.
The burning mechanism has fueled market optimism, sparking a rally in both LUNC and USTC prices. During writing, LUNC price traded at $0.00009723, after touching a high of $0.00009944 in the last 24 hours.
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