Binance has recently burned 1.7 billion Terra Luna Classic (LUNC) tokens as part of its latest burn transaction. This action is part of Binance’s ongoing effort to support the Terra Luna Classic community, which began in 2022.
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With this burn, Binance has now removed nearly 62 billion LUNC tokens from circulation. Overall, the Terra Luna Classic community has burned over 125 billion LUNC tokens. This significant burn event follows the 23rd batch of the LUNC burn mechanism and may contribute to potential price changes for LUNC.
Binance Burns 1.7 Billion LUNA Tokens: Impact and Upcoming Developments
On July 1, Binance burned 1.7 billion Terra Luna Classic (LUNC) tokens, as part of its ongoing burn mechanism. This transaction also recorded 8.5 million LUNC in tax, with the Tax2Gas implementation expected later this month likely to enhance the burn efforts further.
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The recent burn is part of the 23rd batch of Binance’s LUNC burn mechanism, which covers the period from May 31 to June 29. To date, Binance has burned nearly 61.99 billion LUNC tokens from trading fees on LUNC spot and margin trading pairs. This latest burn brings the total LUNC tokens burned by the Terra Luna Classic community to over 125 billion. Notably, Binance accounts for more than 50% of the total LUNC burned since the community assumed control of the chain.
The lower burn amount compared to the overall community figures is attributed to a decrease in transactions. In the 22nd burn cycle, Binance had previously burned 1.35 billion LUNC tokens from trading fees, worth $170,104.
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Market Reaction to Binance’s Latest LUNC Burn
Spot and derivatives traders have not significantly responded to Binance’s most recent LUNA burn mechanism, which has impacted Terra Luna Classic ecosystem tokens. Despite this, the LUNC price has risen by 1% over the past 24 hours and is currently trading at $0.00008148. The price has fluctuated between $0.00008045 and $0.00008313 during this period. Additionally, trading volume has increased by 28%, indicating a growing interest among traders.
In contrast, the price of USTC has seen a 2% increase over the past 24 hours, trading at $0.01796. Its 24-hour range has been between $0.01759 and $0.01835. However, trading volume for USTC has decreased by 6% in the same timeframe
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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