Binance's total LUNC burn has surged past 59 billion with the latest burn of Terra Luna Classic tokens. Could this be the boost LUNC and USTC prices need to recover?
🔺 Binance burned additional Terra Luna Classic (LUNC) tokens this week.
🔺 This burn is separate from Binance's monthly LUNC burn mechanism.
🔺 Total LUNC burned by Binance now exceeds 59.07 billion.
Crypto exchange Binance has torched another batch of Terra Luna Classic (LUNC) tokens, as tracked by LUNC Burn Tracker. With this latest burn, Binance's total LUNC burn has now surpassed 59 billion.
### 🔸 Binance Burns Additional LUNC Tokens
Binance continues to incinerate Terra Luna Classic (LUNC) tokens each month, outside its regular monthly burn schedule. On May 23, Binance sent another batch of LUNC tokens to the burn wallet. Earlier in May, Binance burned 1.4 billion Terra Classic tokens in its 21st batch of the LUNC burn mechanism. This brings Binance's total LUNC burn to over 59.07 billion, making up 51.9% of the total LUNC burned by the community.
The Terra Luna Classic community has collectively burned over 113.71 billion LUNC tokens. Binance has been a staunch supporter of the community's revival efforts since 2022, primarily through its monthly LUNC burn mechanism.
### 🔸 LUNC and USTC Price Performance Amid Market-Wide Selloff
The crypto market experienced widespread pullbacks during US trading hours as whales and investors sold off their holdings, mirroring the selloff seen post the SEC's spot Bitcoin ETF approval in January.
LUNC price dropped by 3% in the last 24 hours, erasing most of its weekly gains. It is currently trading at $0.0001131, with a 24-hour low of $0.0001094 and a high of $0.0001179. Additionally, trading volume has decreased following a massive 231% surge on Wednesday.
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