Binance Burned 1.35 Billion terra luna Classic, Net Burn of Crypto Exchange Reached $60 Billion
binance, the world’s largest crypto exchange, continued its support for the Terra Classic community by burning 1.35 billion Terra Luna Classic tokens in the 22nd batch of its LUNC burn mechanism on Saturday.
Binance’s total LUNC burns to date have exceeded 60 billion, accounting for over 52% of the total LUNC burned by the Terra Luna Classic community.
Binance Sent 1.35 Billion Terra Luna Classic to Burn Address
Crypto exchange Binance sent 1.35 billion Terra Luna Classic (LUNC) tokens to the burn address as per the LUNC burn on June 1.
The 22nd batch of the LUNC burning mechanism, Binance burned a significant amount of transaction fees in the period between April 30 and May 30. Binance has currently burned approximately 60.42 billion Terra Luna Classic (LUNC) tokens from transaction fees on LUNC spot and margin trading pairs. .
Meanwhile, the net burn of the Terra Luna Classic community exceeded 116 billion LUNC.
Binance burned 1.4 billion Terra Luna Classic (LUNC) tokens last month. The exchange burned through 1.40 billion transaction fees worth $156,362 on LUNC spot and margin trading pairs as trading volumes dropped significantly in April. A similar decline in trading volumes was recorded at the beginning of May. However, in the last few weeks of May, trading volumes reversed and prices traded mostly sideways around $0.00012.
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15% Increase in LUNC Price
LUNC and USTC prices continue to trade under pressure even after Binance LUNC burned due to the recent sell-off in the crypto market. Terra Luna Classic has caused ecosystem tokens to pare recent gains. The community narrative moved into development and LUNC burned in May, bringing back speculation that the LUNC price had reached $0.0002.
LUNC price has increased by over 17% in a month, driven by buying from spot and derivatives traders. The price is currently trading at $0.000117. The 24-hour high and low are $0.0001168 and $0.0001219 respectively. While investors are currently waiting for a local breakout of the LUNC, prices are moving in a gradually ascending channel.
Meanwhile, USTC price has increased by over 36% in a month and the price is currently trading at $0.02367. The 24-hour low and high are $0.02360 and $0.02502 respectively. Trading volume has decreased in the last 24 hours.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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