Binance, the cryptocurrency exchange giant, continues to reduce the supply of LUNC tokens in the ecosystem by conducting the 21st burn mechanism for Terra Luna Classic (LUNC). The aim of this initiative is to potentially increase the value of the LUNC token. Binance has been running the monthly LUNC burn mechanism since 2022 with the goal of reducing the total circulating supply of LUNC. This mechanism aims to increase the rarity and therefore the potential value of the token by reducing the supply of LUNC coins. Meanwhile, the stock market also made other announcements.
21st burning took place for LUNC coin
Binance, the world’s leading cryptocurrency exchange, held the 21st batch of its Terra Luna Classic (LUNC) burning mechanism on Wednesday. This ongoing initiative aims to reduce the overall circulating supply of LUNC tokens and potentially increase their value. The latest burn saw Binance eliminate 1.4 billion LUNC tokens. This was based on pre-burn estimates of between 1 and 1.5 billion. This brings the total number of LUNC burned by Binance to over 57 billion; this represents more than half (52%) of the total LUNC burned by the entire community, which now exceeds 112 billion.
While Binance continues to make a significant contribution to the LUNC burn, the 21st batch reflects a decline compared to previous burns. This decline is attributed to the decline in daily LUNC trading volume in April. This reflects the broader collapse in the cryptocurrency market. In March, LUNC boasted daily volumes exceeding $100 million, with prices exceeding $0.0002. Conversely, in April, average daily volume was only $30 million while the price dropped to $0.0001. LUNC’s market cap also dropped from $1 billion to less than $600 million within a month.
The LUNC community responded positively to the burn, with a temporary rebound in token prices taking place. However, a broader market correction caused LUNC to lose 5% in one day and it is currently trading at $0.00009531. Despite the decline in prices, there has been a slight increase in trading volume in the last 24 hours. Similarly, USTC, another token in the Terra Luna Classic ecosystem, also saw a 2% decline and is currently priced at $0.01724. Interestingly, USTC trading volume increased by 37% in the past day.
What were the other Binance announcements?
Beyond the LUNC burn, Binance also announced several updates:
- New loan assets: Binance Loans (Flexible Rate) now offers Holo (HOT), Jito (JTO), Manta Network (MANTA), MANTRA (OM), NFPrompt (NFP) and Portal (PORTAL) as loan assets.
- OM update on Simple Earn: Binance Simple Earn rolled out a Locked Products update for MANTRA (OM). Users who subscribe to OM during the promotional period can earn up to 19.9% APR.
- Binance announced its futures promotion: A new promotion in Binance Futures attracted attention. It offers a 100,000 REZ reward pool to regular and VIP 1-3 futures traders.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.