Binance Burns Additional Terra Luna Classic (LUNC) Tokens After Monthly Burn

The world’s largest crypto exchange Binance burns additional Terra Luna Classic tokens after a monthly LUNC burn. The crypto exchange burned 1.4 billion LUNC tokens in its 21st batch of the LUNC burn mechanism recently. After the latest burn by Binance, the total LUNC burned by the crypto exchange to date has now surpassed over 59 billion.

Moreover, the total LUNC tokens burned by the Terra Luna Classic community has reached over 113 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.

Terra Luna Classic (LUNC) Burns By Binance

Crypto exchange Binance sent 56,911 Terra Luna Classic (LUNC) tokens to the burn address, as per the LUNC burn transaction. The transaction came a few days after the monthly LUNC burn by Binance, similar to transactions seen in the last few months. The reason behind the low-value burn transactions remains unclear.

Crypto exchange Binance sent 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address on May 1. Binance has now burned nearly 59.07 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.

In April, Binance burned over 100K LUNC tokens days after it incinerated 4.17 billion LUNC tokens. Similar incidences happened in earlier months too.

Meanwhile, overall trading volume has declined due to the market-wide drop in crypto prices and lack of interest among traders. In March, LUNC saw massive trading volumes of over $100 million daily, with prices rallying past the $0.0002 level. In April, the average daily trading volumes were $30 million and prices have dropped to $0.0001. The market cap has also dropped from over $1 billion.

Also Read: Whales Buy 720 Billion Pepe Coin As PEPE Price Rally Over 100%

LUNC and USTC Pump Amid Market-Wide Recovery

Terra Luna Classic ecosystem tokens have jumped amid the broader recovery in the crypto market. The cooling CPI inflation data and consecutive inflow in bitcoin ETF have renewed investor sentiment in the market.

LUNC price jumped over 6% over the last 24 hours, with the price currently trading at $0.0001092. The 24-hour high and low are $0.0001017 and $0.0001096, respectively. Moreover, the trading volume has increased further by 28% in the past 24 hours, indicating buying by trades. An analysis by CoinGape Markets predicts a target price of $0.0005.

Meanwhile, USTC price also climbed 5% in the last 24 hours, with the price currently trading at $0.0222. The 24-hour low and high are $0.02083 and $0.02237, respectively.

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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.

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.