Binance Ramps Up Terra Luna Classic Token Burns - Latest cryptocurrency news

Binance Ramps Up Terra Luna Classic Token Burns

Binance, the world’s dominant cryptocurrency trading platform, has just completed its 18th session of incinerating Terra Luna Classic (LUNC) tokens. This latest burn event saw the destruction of a substantial 2.1 billion tokens, thereby elevating the total amount of LUNC obliterated by Binance beyond the 50-billion threshold. These recent efforts represent over half of the community’s total token burns.

LUNC Token Burns and Trading Innovations

Binance dispatched the 2.1 billion LUNC tokens to a designated burn address, marking the culmination of a month-long token incineration operation. Binance’s consistent burning cadence has led to the elimination of over 51 billion tokens, collected from transaction fees on LUNC spot and margin trading pairs.

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January’s burn total tallied at 5.57 billion LUNC tokens, coinciding with a notable surge in trading volume on Binance. To further stimulate trading, the exchange has debuted a USTC perpetual contract and added new trading pairs for USTC and LUNC.

Coordinated burning efforts by exchanges, validators, projects, and the crypto community have collectively torched nearly 98 billion LUNC tokens. On average, about 600 million tokens are being burned weekly by the community.

Market Activity of LUNC and USTC

Recent market activity has seen LUNC and USTC, two altcoins that formerly suffered a dramatic downfall, exhibit significant price movements. LUNC’s price has rebounded with a 5% increase after a 7% decline earlier in the week, trading at $0.00010129. It fluctuated between $0.00009415 and $0.000010150 in the past 24 hours.

USTC has displayed similar volatility, currently trading at $0.02489. Its 24-hour price range has spanned from $0.02387 to the current high, signaling a potential price recovery for both cryptocurrencies.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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