Binance Burns 1.14 Billion LUNC Tokens: Price Impact and Community ResponseBinance's burn of 1.14 billion LUNC tokens has led to a price surge and renewed optimism in the Terra Luna Classic ecosystem.
Binance's burn of 1.14 billion LUNC tokens has led to a price surge and renewed optimism in the Terra Luna Classic ecosystem.
TLDRBinance
burned 1.14 billion Terra Luna Classic (LUNC) tokensLUNC and USTC prices surged over 10% following the burnBinance has burned over 64 billion LUNC tokens through SeptemberThe exchange increased burn frequency to multiple times per monthA recent analysis suggests potential for 40% LUNC price rally
Binance, the worldâs largest cryptocurrency exchange, recently burned 1.14 billion Terra Luna Classic (LUNC) tokens as part of its ongoing support for the LUNC ecosystem.
This move, which marks the 26th batch of LUNC burns by Binance, has led to a significant price increase for both LUNC and TerraClassicUSD (USTC) tokens.
Following the burn, LUNC and USTC prices jumped by over 10%, reflecting growing market optimism. At the time of writing, LUNC was trading at $0.00009723, while USTC reached $0.02433.
The trading volume for USTC also saw a notable increase of 65%, rising to $93.54 million.
Binance has been a major contributor to the LUNC burn initiative, having burned over 64 billion tokens through September.
The exchange recently increased its burn frequency from once a month to multiple times per month, with six burns conducted in September alone.
This change in approach has sparked speculation within the Terra Luna Classic community about Binanceâs growing commitment to reviving the tokenâs value.
The LUNC burn mechanism aims to decrease the token supply, potentially boosting its price as demand increases.
Binance 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
#LUNCâ
#BTCâ #Write2Earn! #LUNAđ„đ„đ„ #USTC
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$$BTC
