Binance Burned 1.7 Billion terra luna Classic (LUNC)
binance, the world’s largest crypto exchange, burned 1.7 billion Terra Luna Classic (LUNC) tokens in its latest wallet burning transaction on Monday. After the 23rd batch of the LUNC burning mechanism, Binance has burned approximately 62 billion LUNC to date.
Additionally, the total LUNC tokens burned by the Terra Luna Classic community has exceeded 125 billion. Binance continues to support the community for the revival of Terra Luna Classic since 2022 through the monthly LUNC burn mechanism.
Binance Burned 1.7 Trillion LUNC
The Terra Luna Classic community saw 1.7 billion Terra Luna Classic (LUNC) tokens burned by crypto exchange Binance, according to a burn on July 1. The burn also noted that the implementation of Tax2Gas this month will likely increase taxes by 8.5 million LUNC, per the burn narrative.
The 23rd batch of the LUNC burn mechanism, Binance has burned a significant amount of trading fees during the period from May 31 to June 29. Binance has currently burned approximately 61.99 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.
As a result of Binance’s latest burn, the Terra Luna Classic community’s net burn has exceeded 125 billion LUNC. Binance accounts for over 50% of the total LUNC burned since the community took control of the chain. The reason the burn is lower than the community’s is due to fewer transactions.
Binance burned 1.35 billion Terra Luna Classic (LUNC) tokens in the 22nd LUNC burn mechanism. The exchange burned through 1.35 billion transaction fees worth $170,104 on LUNC spot and margin trading pairs.
Also Read: Terra Luna Classic Will Release 18 Billion LUNC from Offering, Will LUNC and USTC Be Aggregated?
LUNC and USTC Price Action
Spot and derivatives traders have not responded to the recent Binance LUNC burn mechanism as Terra Luna Classic ecosystem tokens have recouped recent gains.
LUNC price is up 1% in the last 24 hours and is currently trading at $0.00008148. The 24-hour high and low are $0.00008045 and $0.00008313 respectively. Additionally, the 28% increase in trading volume in the last 24 hours shows that investors’ interest has increased.
Meanwhile, USTC price is up 2% in the last 24 hours and is currently trading at $0.01796. The 24-hour low and high are $0.01759 and $0.01835 respectively. Trading volume decreased by 6% in the last 24 hours.
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