Binance Burns 2.21 Billion terra luna Classic, LUNC Price Rises Over 30%
binance, the world’s largest crypto exchange, burned 2.21 billion Terra Luna Classic (LUNC) tokens in the 19th batch of the LUNC burning mechanism. As a result, the crypto exchange’s net LUNC burn reached the following level: 53 billion The total number of tokens burned by the Terra Luna Classic community exceeded 102 billion.
The 100 billion LUNC milestone has increased sentiment and confidence in the Terra Luna Classic community amid a concerted effort to remove LUNC tokens from the circulating supply.
Binance Burns 2.21 Billion Terra Luna Classic (LUNC)
Binance sent 2.21 billion Terra Luna Classic (LUNC) tokens to the burn address terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu as per the transaction on March 1.
In particular, the 19th batch of the LUNC burning mechanism, Binance burned over 270 million transaction fees for the period between January 31 and February 28. Following the last burn, Binance’s total LUNC burn from transaction fees on LUNC spot and margin trading reached 53.48 billion Terra Classic tokens. couples.
The current burn is quite significant as the Terra Luna Classic burn campaign has reached the 100 billion LUNC burn milestone and the total burn amount has exceeded 102 billion. Crypto exchanges, validators, projects, and community members collectively burn over 400 million LUNC per week on average.
Binance burned in February 2.1 billion Terra Luna Classic (LUNC) tokens. Amidst the massive rise in Bitcoin price and altcoins, the burn rate has increased significantly following the massive jump in trading volume on crypto exchange LUNC.
The circulating supply of the LUNC token is 5.78 trillion, while the total supply is 6.80 trillion. As the bull market accelerates, the LUNC community’s plans to increase benefit, funding, and on-chain developments will support an increase in the LUNC burn rate.
Read More: Terra Luna Classic Reached near 100 Billion LUNC, LUNC Price Increased
LUNC and USTC Prices Gaining Momentum
Binance LUNC has been effortlessly pushing prices upwards as large shorts have been liquidated in the last 24 hours, indicating bullish sentiment among investors.
LUNC price is up 30% in the last 24 hours and 45% in February and is currently trading at $0.000181. The 24-hour high and low are $0.00014 and $0.000185 respectively. Additionally, trading volume increased by 21% in the last 24 hours, indicating high interest among traders. Traders expect LUNC to reach the $0.0002 resistance level soon.
Meanwhile, USTC price is up 12% in the last 24 hours, following a 42% rise in February, and is currently trading at $0.0386. The 24-hour low and high are $0.0350 and $0.0397 respectively. The rally will continue as the community moves forward with the 800 million USTC burn, valued at over $32 million.
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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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