{"id":204349,"date":"2023-12-01T16:07:15","date_gmt":"2023-12-01T10:37:15","guid":{"rendered":"https:\/\/dripp.zone\/news\/binance-burns-4-billion-terra-luna-classic-lunc-tokens-crypto-news\/"},"modified":"2023-12-01T16:07:17","modified_gmt":"2023-12-01T10:37:17","slug":"binance-burns-4-billion-terra-luna-classic-lunc-tokens-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-burns-4-billion-terra-luna-classic-lunc-tokens-crypto-news\/","title":{"rendered":"Binance Burns 4 Billion Terra Luna Classic (LUNC) Tokens – Crypto News"},"content":{"rendered":"

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The world\u2019s largest\u00a0crypto exchange Binance<\/a> burns almost 4 billion<\/strong> Terra Luna Classic (LUNC) tokens in the 16th batch of the LUNC burn. With the latest LUNC burn, the total LUNC burn by the crypto exchange to date reaches more than 43 billion<\/strong>, 52% of the total tokens burned by the Terra Luna Classic community. Traders didn\u2019t immediately respond to the Binance burn.<\/p>\n

Binance\u2019s Net Terra Luna Classic (LUNC) Burn Reaches 43 Billion<\/h2>\n

Crypto exchange Binance sent 3.90 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the transaction<\/a> on December 1. Binance continues contributing to the community\u2019s LUNC burn campaign to reduce the LUNC\u00a0circulating supply<\/a> after the exit of Changpeng \u201cCZ\u201d Zhao<\/a> as Binance CEO.<\/p>\n

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Notably, the 16th batch of the LUNC burn mechanism is for the period October 31 to November 29. With the latest burn, Binance has burned over 43 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs. The community has burned nearly 83 billion<\/strong> LUNC tokens.<\/p>\n

Terra Luna Classic (LUNC) Supply<\/figcaption><\/figure>\n

In November, Binance burned 760 million<\/strong> Terra Luna Classic (LUNC) tokens, the lowest till now. The burn rate significantly declined amid FUD, reduced developer activity, and a fall in LUNC trading volumes on the exchange.<\/p>\n

However, as CoinGape reported<\/a>, the massive jump in trading volumes this week resulted in this huge LUNC burn the community hasn\u2019t seen in the last few months. Binance launched a USTC perpetual contract and new USTC trading pairs FDUSD and TRY, which contribute massively to the exchange\u2019s trading volume.<\/p>\n

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Read More: Terra Luna Classic All Set For Major Upgrade, LUNC And USTC To Rally Further<\/a><\/strong><\/p>\n

LUNC and USTC Price To Rally?<\/h2>\n

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Terra Luna Classic ecosystem tokens fell in the last 24 hours, with LUNC and USTC giving up some recent gains due to profit booking in the broader crypto market. However,<\/p>\n

LUNC price<\/a> jumped 65% this week, with the price currently trading at $0.000116. The 24-hour low and high are $0.000114 and $0.000121, respectively. However, the trading volume has decreased in the last 24 hours.<\/p>\n

Meanwhile, USTC price<\/a> rallied 350% this week, with the price currently trading at $0.051. The 24-hour low and high are $0.050 and $0.055, respectively.<\/p>\n

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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