Binance Burns 1.7 Billion Terra Luna Classic (LUNC) Tokens in Latest Transaction

Binance Burns 1.7 Billion Terra Luna Classic Tokens in Latest Transaction

In a significant move for the Terra Luna Classic community, the world’s largest crypto exchange Binance has burned 1.7 billion LUNC tokens in the latest transaction to burn wallet on Monday. This marks the 23rd batch of the LUNC burn mechanism, bringing the total amount of tokens burned by Binance to nearly 62 billion LUNC to date.

The Terra Luna Classic community has also been actively burning tokens, with over 125 billion LUNC tokens burned in total. Binance has been supporting the community for Terra Luna Classic revival since 2022 through its monthly LUNC burn mechanism.

The recent burn transaction on July 1 also recorded 8.5 million LUNC in tax, with the implementation of Tax2Gas expected to further boost the burn narrative. Binance has burned a significant amount of trading fees for the period between May 31 to June 29, totaling 61.99 billion LUNC tokens from trading fees on LUNC spot and margin trading pairs.

With the latest burn, the net burn by the Terra Luna Classic community has now surpassed 125 billion LUNC, with Binance accounting for over 50% of the total tokens burned since the community took control of the chain. The lower burn amount compared to the community is attributed to fewer transactions.

In terms of price action, LUNC has seen a 1% increase in the last 24 hours, trading at $0.00008148. The trading volume has also increased by 28%, indicating growing interest among traders. Meanwhile, USTC price has climbed 2% in the past 24 hours, trading at $0.01796 with a slight decline in trading volume.

The latest burn by Binance and the overall activity in the Terra Luna Classic community are expected to have a significant impact on the ecosystem and the price movements of LUNC and USTC tokens. Traders will be closely watching for any further developments in the coming days.