Binance Related Wallets Burn 222 Million Terra Luna Classic (LUNC)

Terra Luna Classic community saw massive LUNC burns with wallet-to-wallet transactions on Wednesday, bringing the total daily LUNC burn to over 275 million. The transactions sparked buzz in the community as someone moved billions of LUNC tokens to burn more than 222 million LUNC with burn tax.

Binance Burned 222 Million LUNC?

16 wallet-to-wallet transactions took place on May 8 creating the majority of the LUNC burn for the Terra Luna Classic community. The wallet burned 222,880,000 LUNC in tax fees by just moving these from wallets to wallets. A combined 50 billion LUNC were added to these wallets in minutes as the burn happened in an hour.

Some community members claim that all 16 wallets are controlled by crypto exchange Binance, the largest contributor to the LUNC burn campaign. They believe it will be used for mass staking on the Terra Luna Classic chain.

StakeBin data revealed 239 million LUNC burned in an hour, indicating that the transactions could have been planned. The wallets hold over 400 billion LUNC.

Binance has burned 1.4 billion Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burn mechanism. The total Terra Luna Classic (LUNC) tokens burned by crypto exchange has reached over 59 billion.

Also Read: Terra Classic Proposal For USTC Repeg To $1 Effective?

LUNC and USTC Prices Tumble on Market-Wide Selloff

Traders didn’t responded to the LUNC burn immediately, but a massive rebound in trading volumes by 123% were recorded. This indicates massive interest from traders.

LUNC price fell 1% in a day as Bitcoin price corrected over 10%. The price is currently trading at $0.0001039. The 24-hour high and low are $0.0001020 and $0.0001096, respectively.

Meanwhile, USTC price fell 3% in the last 24 hours, with the price currently trading at $0.0206. The 24-hour low and high are $0.02043 and $0.0232, respectively. Trading volume has jumped by 190% in the past 24 hours.

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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.

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