Binance LUNC Burn Spikes Over 59 Billion After Latest Terra Classic Tokens Burn

Binance LUNC Burn Spikes Over 59 Billion After Latest Terra Classic Tokens Burn

PENGY May 24, 2024, 12:02 am Facebook Twitter


Binance LUNC Burn Spikes Over 59 Billion After Latest Terra Classic Tokens Burn

Crypto exchange Binance burned another pack of Terra Luna Classic (LUNC) tokens this week, as per a transaction revealed by LUNC Burn Tracker. With the latest burn by Binance, the total LUNC burned by the crypto exchange has reached over 59 billion.

Binance Burns Additional LUNC Tokens

Crypto exchange Binance burns additional Terra Luna Classic (LUNC) tokens every month, which are not part of Binance’s monthly LUNC burn mechanism. Binance sent additional LUNC tokens to the burn wallet, as per a transaction on May 23.

Binance burned 1.4 billion Terra Classic tokens in the 21st batch of LUNC burn mechanism in early May. After the latest burn by Binance, the total LUNC burned by the crypto exchange to date has now surpassed 59.07 billion, accounting for 51.9% of total LUNC burned by the community.

The total LUNC tokens burned by the Terra Luna Classic community has reached over 113.71 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.

Also Read: Terra Luna Classic IBC Proposal Officially Passed, LUNC Price Jumps

LUNC and USTC Price Performance Amid Market-Wide Selloff

Crypto market saw broader retracements in the US hours as whales and investors sold their holdings, considering a similar selloff seen immediately after the spot Bitcoin ETF approval by the SEC in January.

LUNC price fell 3% in the last 24 hours, pared most gains this week. The price is currently trading at $0.0001131, with a 24-hour low and high of $0.0001094 and $0.0001179, respectively. Furthermore, trading volume has decreased after a massive 231% jump on Wednesday.

Meanwhile, USTC price also dropped 4% over the last 24 hours due to profit booking by traders and investors. The price is trading at $0.02289, with a 24-hour low and high of $0.02128 and $0.02378, respectively.

Also Read:

  • Coinbase Listing Shiba Inu, Floki, Bonk Perpetual Futures
  • Coinbase Loses Supreme Court Case Over Dogecoin Dispute
  • Gary Gensler Praises US SEC’s Achievements in Court on Crypto Cases

The post Binance LUNC Burn Spikes Over 59 Billion After Latest Terra Classic Tokens Burn appeared first on CoinGape.

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