Binance Related Wallets Burned 222 Million terra luna Classic (LUNC)
The Terra Luna Classic community witnessed massive LUNC burns in wallet-to-wallet transactions on Wednesday, with total daily LUNC burns reaching over 275 million. The transactions created a stir in the community as someone moved billions of LUNC tokens to burn 222 million LUNC with a burn tax.
Did binance Burn 222 Million LUNC?
On May 8, 16 wallet-to-wallet transactions occurred for the Terra Luna Classic community, accounting for the majority of LUNC burns. The wallet burned 222,880,000 LUNC in tax fees just by moving it from wallets to wallets. While the burning occurred within an hour, a total of 50 billion LUNC was added to these wallets within minutes.
Some community members claim that all 16 wallets are controlled by Binance, the crypto exchange that was the largest contributor to the LUNC burning campaign. They believe this will be used for mass staking on the Terra Luna Classic chain.
StakeBin data revealed that 239 million LUNC were burned in one hour, indicating that transactions may have been planned. There are more than 400 billion LUNCs in wallets.
Binance burned 1.4 billion Terra Luna Classic (LUNC) tokens in the 21st batch of the LUNC burn mechanism. The total Terra Luna Classic (LUNC) tokens burned by the crypto exchange has reached over 59 billion.
So read: Is Terra Classic Offer Effective for USTC Repeg Up to $1?
LUNC and USTC Prices Drop Due to Marketwide Selling
Investors did not immediately respond to the LUNC burn, but a massive 123% rebound in trading volumes was recorded. This shows the intense interest of traders.
While Bitcoin price corrected over 10%, LUNC price fell 1% in one day. Price is currently trading $0.0001039. The 24-hour high and low are $0.0001020 and $0.0001096 respectively.
Meanwhile, USTC price is down 3% in the last 24 hours and the price is currently trading at $0.0206. The 24-hour low and high are $0.02043 and $0.0232 respectively. Trading volume increased by 190% 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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