Cryptocurrency exchange Binance increased the amount of LUNC burned this month to support the Terra Luna Classic community, boosting prices.

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Cryptocurrency exchange Binance has executed LUNC destruction multiple times this month, sparking speculation in the Terra Luna Classic community. The exchange is the largest contributor, having destroyed 64.47 billion LUNC so far to support the blockchain and price recovery.

Is there any change in the Binance LUNC destruction mechanism?

Binance LUNC destruction data suggests that the cryptocurrency exchange may have modified its LUNC destruction mechanism to increase the number of destructions per month. According to earlier announcements, the exchange destroys Terra Luna Classic tokens on the 1st of each month. However, the exchange destroyed tokens six times this month.

This sparked speculation because Binance had previously reduced its Terra Luna Classic spot and margin trading fees to 50% instead of 100%. It even delayed sending Terra Luna Classic trading fee burn contributions for several months. However, the exchange destroyed more tokens this time.

Binance destroyed 1.19 billion LUNC tokens in the 25th batch of LUNC destruction mechanism. The cryptocurrency exchange destroyed $97,229.23 in trading fees between July 31 and August 29.

In addition to the main burn, the exchange has destroyed 199,389 LUNC tokens in five transactions so far. Some Terra Luna Classic members believe that the exchange has changed the way it destroys tokens.

Terra Luna Classic Ecosystem Token Jump

LUNC price has increased by 3% in the past 24 hours and 7% in a week, and is currently trading at $0.00008557. The 24-hour high and low prices were $0.00008188 and $0.00008622 respectively. In addition, the trading volume has increased by 16% in the past 24 hours, indicating an increase in trader interest.

Coinglass data shows that the number of open contracts for 1,000LUNC on Binance and Bybit jumped more than 5% in the past 24 hours. This shows that derivatives traders are actively buying cryptocurrencies.

Meanwhile, USTC price is up more than 2% and is currently trading at $0.0177. Moreover, trading volume is up 72% in the past 24 hours. Traders are buying the dip, and it is up 9% in a week.