Terra Luna Classic Burn Hits 70 Billion Milestone Ahead Major Burn By Binance

The total LUNC burned by the Terra Luna Classic community reaches 70 billion, hitting another milestone in the community’s efforts to reduce the circulating supply of LUNC since May 18, 2022. The world’s largest crypto exchange Binance has burned almost 36 billion LUNC, contributing over 50% to the total LUNC burned until now.

LUNC token circulating supply is 5.81 trillion and the total supply is 6.84 trillion LUNC. However, the community still needs to increase utility to increase the LUNC burn rate.

Total LUNC Burn Hits 70 Billion Milestone

After the May 2022 Terra-LUNA Crisis and Do Kwon separating the chain from TFL, the community took responsibility and started a burn campaign along with other features such as staking last year. Terra Luna Classic is managed by community-approved developers, as well as trusted validators and members.

Terra Luna Classic burn campaign now reaches the 70 billion LUNC milestone as crypto exchanges, validators, projects, and members burn LUNC by sending it to the burn address. The community burns on average 400 million LUNC per week, with Binance sending billions to the burn address as part of its monthly LUNC burn mechanism.

Binance burned over 2.65 billion LUNC tokens in the 11th batch of the LUNC burn mechanism on July 1, with the LUNC burned by the crypto exchange to date reaching over 35.5 billion.

The Joint L1 Task Force developer group and the Quant USTC repeg team aim to focus on reducing the LUNC and USTC circulating supply in Q3. The developers aim to repeg USTC to $1, working with exchanges for its successful completion.

Recently, the community found a new focus to burn USTC and LUNC idle in other protocols. Vegas introduced a proposal to burn 800 million USTC or sent it to the community pool from Ozone protocol.

Also Read: Binance And CEO CZ Facing Intense Scrutiny In Euro Area Amid Banking Woes – WSJ

Terra Luna Classic Price Under Pressure

LUNC price fell 1% in the past 24 hours, with the price currently trading at $0.000081. The 24-hour low and high are $0.0000813 and $0.0000824, respectively. Terra Luna Classic fell below the $0.000082 support level after failing to hold the $0.000090 support level.

Meanwhile, USTC price trades at $0.015, down over 1% in the past 24 hours and 15% in a week after a recent rally. The trading volume has also decreased in the 24hrs.

Also Read: Cardano Founder Discusses Latest ADA Developments, XRP Lawsuit, And Crypto Regulations

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.

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.