Binance LUNC Burn Drops Below 1 Billion For The First Time

The world’s largest crypto exchange Binance burns 796 million Terra Classic (LUNC) tokens in the 13th batch of the LUNC burn mechanism. The LUNC burned by the crypto exchange to date reaches nearly 37 billion, with the total LUNC burned by the community surpassing 74 billion. Traders respond immediately to the latest burn by Binance and LUNC price jumps 1% from the 24-hour low.

Binance Burns 796 Million LUNC Tokens

Crypto exchange Binance sent 796 million Terra Luna Classic (LUNC) tokens to the burn address to contribute to reducing the LUNC circulating supply, according to the transaction on September 1. It also includes a transaction fee of 3.98 million LUNC.

Notably, the 13th batch of the LUNC burn mechanism is for the period July 31 to August 30, 2023. With the latest burn, Binance has burned nearly 37 billion Terra Classic tokens in total from trading fees on LUNC spot and margin trading pairs.

Last month, Binance burned 1.41 billion Terra Luna Classic (LUNC) tokens. The burn rate has significantly reduced amid FUD, resignations by L1TF project manager LuncBurnArmy and developer Fragwuerdig, and a fall in LUNC trading volumes.

Meanwhile, the community has burned 74.22 billion LUNC tokens in total. Validator DFLunc and project TerraCasino are the only major contributors to the LUNC burn this month. Also, the focus of the community has switched from LUNC to USTC repeg, causing a decline in LUNC trading.

Some community members reacted to a drop in Binance LUNC burn below 1 billion for the first time. However, most members of the community reacted positively to the burn.

Read More: Terra Luna Classic USTC Repeg Team’s Proposal Officially Passed, LUNC & USTC To $1?

Terra Luna Classic Price Under Pressure

Terra Luna Classic ecosystem tokens tumbled significantly last month, with LUNC falling 22% and USTC dropping 16%. The selloffs in the broader crypto market resulted in LUNC and USTC prices to remain under pressure.

LUNC price jumped 1% after the Binance LUNC burn, but it’s still down 3% down 3% in the last 24 hours, with the price currently trading at $0.000061. The 24-hour low and high are $0.0000612 and $0.0000644, respectively.

Meanwhile, USTC price also tumbled 4% in the past 24 hours, with the price currently trading at $0.011. However, the trading volume has increased by 150% in the past 24 hours.

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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.

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