In a significant development for the Terra Luna Classic (LUNC) community, the world’s largest cryptocurrency exchange, Binance, has incinerated 1.7 billion LUNC tokens in its latest burn transaction. This marks the 23rd batch of Binance’s LUNC burn mechanism, which has been a consistent effort by the exchange to support the Terra Luna Classic community since 2022.
Highlights
- Binance burns 1.7 billion Terra Luna Classic (LUNC) tokens.
- The total LUNC burn by the community has surpassed 125 billion.
- Prices of LUNC and USTC surged amid a broader market recovery.
Binance’s Commitment to LUNC
Binance’s recent transaction on July 1 saw the burning of 1.7 billion coin tokens, along with a recorded 8.5 million coin in tax. This brings the total amount burned by Binance to nearly 62 billion coin. The ongoing commitment from Binance, through its monthly LUNC burn mechanism, highlights its support for the Terra Luna Classic community’s revival efforts.
The burn transaction, spanning the period from May 31 to June 29, resulted in a substantial reduction of trading fees for coin spot and margin trading pairs. Binance’s continuous support has played a pivotal role in driving the net burn by the Terra Luna Classic community, which now stands at over 125 billion LUNC.
Community and Market Response
Despite Binance’s significant contribution, the community has outpaced the exchange in terms of total coin burned, primarily due to a higher number of transactions. The 22nd burn mechanism saw Binance burning 1.35 billion LUNC tokens, translating to trading fees worth $170,104.
The recent burns have sparked discussions within the community about the potential impact on LUNC’s price and the broader Terra Luna Classic ecosystem. The upcoming implementation of Tax2Gas is expected to further fuel the burn narrative, as the community seeks to stabilize and revitalize the coin market.
LUNC and USTC Price Action
The market has shown a positive reaction to the latest burn. Over the past 24 hours, LUNC’s price has increased by 1%, currently trading at $0.00008148. The token’s 24-hour high and low stand at $0.00008313 and $0.00008045, respectively. Additionally, the trading volume has surged by 28%, reflecting a growing interest among traders.
USTC, another token within the Terra Classic ecosystem, also witnessed a 2% price increase, trading at $0.01796. Despite the positive price movement, USTC’s trading volume has declined by 6% over the same period, suggesting a mixed sentiment among traders.
Looking Ahead
As Binance continues to support the Terra Luna Classic community through its coin burn mechanism, the crypto world is keenly observing the implications for coin and USTC prices. The anticipated Tax2Gas implementation is likely to bolster the community’s efforts in reducing the circulating supply of LUNC, potentially leading to a more stable and thriving ecosystem.
The ongoing market recovery adds another layer of optimism for the Terra Luna Classic ecosystem. As traders and investors monitor the developments, the community remains hopeful that these strategic burns and upcoming changes will pave the way for a brighter future for coin and its associated tokens.