Terra Luna Classic (LUNC) experiences a 5% price decrease. Binance burns 760 million LUNC tokens, totaling 40 billion burned tokens, aiming to reduce the circulating supply.
Key Takeaways
- Terra Luna Classic (LUNC) experiences price fluctuations, trading at $0.000062.
- Binance executes its 15th burn of 760 million LUNC tokens.
- The total number of LUNC tokens burned by Binance reaches 40 billion.
- Terra Luna Classic community’s role in token burning and proposal to burn USTC.
In the past 24 hours, Terra Luna Classic (LUNC) has witnessed significant price movements, with its current value at $0.000062, marking a 5% decrease. Simultaneously, USTC has also seen a notable price shift, now standing at $0.011, reflecting a 4% drop. Despite these fluctuations, USTC’s trading volume has experienced a slight increase.
Binance’s 15th Burn: 760 Million LUNC Tokens
Terra Classic holds the 94th position in the market with a market capitalization of around $375 million, and approximately 5.7 trillion LUNC coins are in circulation. However, information about its maximum supply remains unknown. With a remarkable 12% surge in the past week, discussions arise about whether the sell-off is over.
CRYPTO BREAKING NEWS
What’s Next for Terra’s LUNC After Binance Burns Reaches 40 Billion. The post What’s Next for Terra’s LUNC After Binance Burns Reaches 40 Billion appeared first on Coinpedia Fintech News In the last 24 hours, Terra … check us out @… pic.twitter.com/warso0CEgR— InnovatekMobile (@Neome_com) November 1, 2023
Binance, the world’s largest crypto exchange, has executed its 15th batch of Terra Luna Classic (LUNC) token burns on November 1. This burn involved 760.42 million LUNC tokens sent to the burn address, aiming to reduce the circulating supply of LUNC. Notably, this burn covers the period from September 30 to October 30, 2023.
Community’s Impact on Token Burning
With this latest burn, the total number of LUNC tokens burned by Binance reaches an impressive 40 billion. These tokens have been sourced from trading fees on LUNC spot and margin trading pairs. However, the burn rate has recently declined due to factors such as FUD, reduced developer activity, and lower trading volumes of LUNC on the exchange.
The Terra Luna Classic community has played a pivotal role in token burning since the 2022 Terra-LUNA crash, disposing of over 76 billion LUNC tokens, demonstrating their commitment to reducing the circulating supply. Currently, the community is exploring the possibility of urging Binance to consider burning USTC alongside LUNC, following Binance’s previous adjustment of the burn contribution from 100% to 50% of LUNC spot and margin trading fees.
To Conclude
Terra Luna Classic’s recent price fluctuations and Binance’s ongoing token burns have stirred interest in the crypto community. The achievement of burning 40 billion LUNC tokens by Binance is a significant milestone, although concerns about the declining burn rate need to be addressed. The Terra Luna Classic community’s active role in reducing the circulating supply showcases the power of community-driven initiatives in the crypto space. The proposal to burn USTC alongside LUNC will be closely watched as it could have broader implications for both tokens and their ecosystems.
