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Binance Burns 1.4 Billion Terra Luna Classic (LUNC) Tokens – Crypto News

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1 year ago

May 1, 2024

Dripp

The world’s largest crypto exchange Binance on Wednesday burned 1.4 billion Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burn mechanism. After the latest burn by Binance, the total LUNC burned by the crypto exchange to date has now surpassed over 57 billion. The burn numbers came in line with CoinGape estimates of LUNC burn between 1 billion to 1.5 billion.

Moreover, the total LUNC tokens burned by the Terra Luna Classic community has reached over 112 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.

Binance’s Terra Luna Classic (LUNC) Burn Declines to 1.4 Billion

Crypto exchange Binance sent 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the LUNC burn transaction on May 1. The crypto exchange is the top contributor to LUNC burn, accounting for 52% of the total LUNC burned by the community.

Notably, the 21st batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between March 31 to April 29. Binance has now burned nearly 57.66 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.

The decline in trading volumes is due to fall in daily LUNC trading volume in April amid the market-wide drop in crypto prices and trading volumes. In March, LUNC saw massive trading volumes of over $100 million daily, with prices rallying past the $0.0002 level. In April, the average daily trading volumes were $30 million and prices have dropped to $0.0001. The market cap has also dropped from over $1 billion to under $600 million in a month.

In the 20th LUNC burn mechanism, Binance burned 4.17 billion Terra Luna Classic (LUNC) tokens. The exchange burned 4.17 billion in trading fees on LUNC spot and margin trading pairs worth $722,630 as trading volumes increased significantly in March.

LUNC and USTC Prices Tumble on Market-Wide Selloff

Traders reacted immediately to the LUNC burn by Binance, bringing a welcome rebound in the Terra Luna Classic ecosystem prices.

LUNC price fell 5% in a day as Bitcoin price corrected over 10%. The price is currently trading at $0.00009531. The 24-hour high and low are $0.0001001 and $0.00009272, respectively. Moreover, trading volume has increased slightly in the last 24 hours.

Moreover, LUNC and 1000LUNC futures open interest showed buying activity in derivatives traders, likely due to Binance LUNC burn. Open interests has increased over 1-3% on Binance and Bybit in the last few hours, as per Coinglass.

LUNC open interests

Meanwhile, USTC price fell 2% in the last 24 hours, with the price currently trading at $0.01724. The 24-hour low and high are $0.01638 and $0.01789, respectively. Trading volume has jumped by 37% in the past 24 hours.

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