Binance Burns Over 2.65 Billion Terra Classic Tokens, LUNC Price Jumps

The world’s largest crypto exchange Binance burns 2.65 billion Terra Classic (LUNC) tokens in the 11th batch of the LUNC burn mechanism. The LUNC burned by the crypto exchange to date reaches more than 35.5 billion, with total burn by the community surpassing 68 billion LUNC tokens. Traders respond immediately to the latest burn by Binance and LUNC price jumps 3%.

Binance Sent 2.65 Billion LUNC Tokens to Burn Address

According to a transaction on July 1, Binance sent 2.65 billion Terra Classic (LUNC) tokens to the burn address to contribute to reducing the LUNC circulating supply. The transaction also includes a transaction fee of 13.25 million LUNC.

Notably, the 11th batch of the LUNC burn mechanism is for the period May 31 to June 29, 2023. With the latest burn, Binance has burned nearly 35.5 billion Terra Classic tokens in total from trading fees on LUNC spot and margin trading pairs.

In June, Binance burned 1.04 billion LUNC tokens. Despite reducing LUNC spot and margin trading fees contribution from 100% to 50% by Binance, the community appreciates the support from the crypto exchange and CEO “CZ”.

The LUNC burn rate has improved in the last 2 months as projects such as DFLunc, TerraCasino, and Cremation Coin burn millions of LUNC tokens every week. The community has burned 68 billion LUNC tokens in total.

After successfully completing its biggest upgrade last month to bring the chain to parity with Terra 2.0 and other Cosmos chains, the community focused on reducing LUNC and USTC supply in Q3. In addition, Joint L1 Task Force and Quant team will work on the USTC repeg.

Read More: Terra Luna Classic L1TF Q3 Proposal To Revive LUNC And USTC To $1 Officially Passed

LUNC Price Loses Momentum

Terra Classic price fails to break above $0.0001 in June and fell below the $0.000090 support level. The LUNC price continues to trade under pressure even after Binance burn.

LUNC price jumps 3% in the last 24 hours, with the price currently trading at $0.000087. The 24-hour low and high are $0.0000820 and $0.0000889, respectively. However, the trading volume has decreased in the last 24 hours.

Also Read: US House Chair Warns Gary Gensler After SEC Calls Spot Bitcoin ETF Filings “Inadequate”

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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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