Terra Classic Burn Reaches 95 Billion Milestone, LUNC Price Increases 8% and USTC Increases 11%
terra luna Classic community’s LUNC burning campaign has arrived 95 billion LUNC Since May 2022. This is another milestone in the community’s efforts to reduce the circulating supply of LUNC. Binance, the world’s largest cryptocurrency exchange, has contributed nearly 50 billion LUNC to the total burn, accounting for more than 51.7% of the total burn so far.
Terra Luna Classic (LUNC) Burn Reaches 95 Billion Milestone
The Terra Luna Classic burn campaign has now reached the 95 billion LUNC milestone through the coordinated effort of crypto exchanges, validators, projects, and community members. The community burns an average of 600 million LUNC per week, and this amount has increased significantly since November.
binance sent billions of dollars to the burn address as part of its monthly LUNC burn mechanism, contributing more than 51% to the total LUNC burn. Binance burned 5.57 billion Terra Luna Classic (LUNC) tokens in the 17th batch of the LUNC burn mechanism. The total LUNC burned by the crypto exchange to date is almost 50 billion.
The circulating supply of the LUNC token is 5.78 trillion, while the total supply is 6.81 trillion LUNC. But the community still needs to work on benefits, funding, and on-chain improvements to support the increase in LUNC burn rate.
Currently the community has tried to burn USTC and LUNC, which are sitting idle in other protocols, but it needs a clear instruction to continue the burning process.
Read More: Terra Luna Classic Core Security Upgrade Proposal Hits Roadblock
Rise in LUNC and USTC Prices
LUNC and USTC prices jumped amid a broader market recovery following monthly expiration. Additionally, LUNC, 1000LUNC and LUNA short positions were liquidated in the last 24 hours, giving the tokens an upward momentum.
LUNC price has increased by over 8% in the last 24 hours and the price is currently trading at $0.0001012. The 24-hour high and low are $0.0000951 and $0.0001032 respectively. Additionally, the 100% increase in trading volume in the last 24 hours shows that investors’ interest is high.
Meanwhile, USTC price has increased by over 11% in the last 24 hours and the price is currently trading at $0.02652. The 24-hour low and high are $0.02467 and $0.02713 respectively.
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