The renowned cryptocurrency exchange Binance has once again demonstrated its support for Terra Luna Classic (LUNC) through significant token burns. Recent statistics from the LUNC Burn Tracker reveal that Binance’s latest burn event has pushed the total number of LUNC tokens burned by the exchange past 59 billion, underlining its commitment to reviving the cryptocurrency known for its previous market impact.
How Many LUNC Tokens Did Binance Burn?
Binance is known for conducting additional burns for Terra Luna Classic (LUNC) outside its scheduled monthly burns. On May 23, Binance reported new transfers to the designated burn wallet. Earlier in May, the 21st phase of this process saw 1.4 billion LUNC tokens burned. This effort has brought the total amount of LUNC burned by Binance to over 59.07 billion, representing 51.9% of the total LUNC burned by the broader community.
The Terra Luna Classic community, determined to rejuvenate the cryptocurrency, has collectively burned over 113.71 billion LUNC tokens. Binance’s continuous support, especially following significant market events, plays a crucial role in the ongoing community-driven efforts to maintain LUNC’s viability and growth.
What is the Price Performance of LUNC and USTC?
In recent market developments, the SEC’s approval of the Ethereum ETF caused a significant buzz. However, this development hasn’t yet impacted altcoins. LUNC’s price has seen a 3% decline in the last 24 hours, now trading at 0.00011358. Despite this short-term dip, the token has shown a 7% increase over the past week. Meanwhile, the former stablecoin USTC has experienced a 5% drop, now trading at 0.02252 dollars, as investors took profits during the week.
Key Takeaways
Investors and stakeholders can derive the following insights from the recent developments:
- Binance has burned over 59 billion LUNC tokens, showing strong support for the cryptocurrency.
- The Terra Luna Classic community has collectively burned over 113.71 billion LUNC tokens.
- LUNC’s price has seen a short-term decline but a week-long uptick, indicating potential volatility.
- USTC’s price drop reflects ongoing market adjustments by investors.
Conclusion
In summary, Binance’s active involvement in LUNC token burns and the community’s significant contribution highlight ongoing efforts to revive Terra Luna Classic. Despite recent price fluctuations, the collective actions underscore a commitment to sustaining and potentially boosting the cryptocurrency’s future prospects.