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Terra Classic Burn Hits 95 Billion Milestone, LUNC Price Jumps 8% And USTC 11% – Crypto News

Published

1 year ago

January 27, 2024

Dripp

The Terra Luna Classic community’s LUNC burn campaign has reached 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 almost 50 billion LUNC to the total burn, contributing over 51.7% to the total burn until now.

Terra Luna Classic (LUNC) Burn Hits 95 Billion Milestone

Terra Luna Classic burn campaign has now hit the 95 billion LUNC milestone in a coordinated effort by crypto exchanges, validators, projects, and community members. The community on average burns 600 million LUNC per week, which has increased substantially since November.

Binance has contributed over 51% to the total LUNC burn by sending billions to the burn address as part of its monthly LUNC burn mechanism. 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 reaches almost 50 billion.

LUNC token circulating supply is 5.78 trillion and the total supply is 6.81 trillion LUNC. However, the community still needs to work on utility, funding, and chain developments to support the increase in LUNC burn rate.

Currently, the community tried to burn USTC and LUNC sitting idle in other protocols, but it needs a clear directive to proceed with burns.

LUNC and USTC Prices Rally

LUNC and USTC prices jumped amid a broader market recovery after the monthly expiry. Also, LUNC, 1000LUNC, and LUNA shorts were liquidated over the last 24 hours, bringing an upside momentum to tokens.

LUNC price jumps over 8% in the last 24 hours, with the price currently trading at $0.0001012. The 24-hour high and low are $0.0000951 and $0.0001032, respectively. Moreover, trading volume has increased by 100% in the last 24 hours, indicating high interest among traders.

Meanwhile, USTC price soared over 11% in the last 24 hours, with the price currently trading at $0.02652. The 24-hour low and high of $0.02467 and $0.02713, respectively.

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