In a notable development, Binance, the largest cryptocurrency exchange by trading volume, completed the 22nd phase of Terra Luna Classic (LUNC) burns on Saturday. This latest move saw 1.35 billion LUNC tokens removed from circulation, highlighting Binance’s strong backing for Terra Classic. To date, Binance’s total LUNC burn has surpassed 60 billion tokens. When combined with burns conducted by Terra Luna Classic investors, this represents 52% of the overall burn effort.
Binance’s Commitment to LUNC
Continuing its regular burn initiative, Binance sent 1.35 billion LUNC tokens to burn addresses on June 1st. This marks an important phase in the ongoing burn process, covering trading fees from April 30 to May 30. So far, Binance has burned around 60.42 billion LUNC tokens related to spot and margin trading. The Terra Luna Classic community’s efforts have brought the net burn amount to over 116 billion LUNC.
What Impact Does LUNC Price Have?
Last month, Binance eliminated 1.4 billion LUNC tokens. The burn, occurring in April, coincided with a notable decrease in market trading volume, where only $156,362 worth of trading fees were burned, equating to 1.40 billion tokens. Early May saw a continuation of this trend, but by the month’s end, trading volumes rebounded, leading LUNC prices to trade at $0.00012.
LUNC price movements have been responsive to market conditions and burn activities. Currently, LUNC is trading at $0.0001218, reflecting a 3% rise. This change has increased the market cap to $705 million, positioning LUNC at 115th by volume.
Key Insights From Recent Developments
- Binance’s burn of 1.35 billion LUNC tokens evidences their ongoing commitment.
- Total LUNC tokens burned by Binance have reached over 60 billion.
- Combined efforts of Binance and the community have burned 52% of LUNC in circulation.
- LUNC price saw a 17% increase in one month.
- Current trading price of LUNC stands at $0.0001218, with a 3% increase.
As observed, Binance’s robust engagement in the LUNC burn process has played a significant role in influencing LUNC’s price and market position. The consistent burn activities underscore Binance’s strategic support for Terra Classic, contributing to the stabilization and potential appreciation of LUNC’s value in the crypto market.