Binance, the world’s largest crypto exchange, invested 2.21 billion in the 19th batch of the LUNC burning mechanism. Terra Classic (LUNC) token burned. As a result, the net amount of LUNC burned by the crypto exchange has increased to over 53 billion. Additionally, the total amount of tokens burned by the Terra Luna Classic community reached over 102 billion.
The 100 billion LUNC milestone has increased sentiment and confidence from the Terra Classic community amid a concerted effort to remove LUNC tokens from the circulating supply.
Binance Burned 2.21 Billion Terra Classic (LUNC)
BinanceAccording to the transaction on March 1, 2.21 billion Terra Classic (LUNC) tokens were sent to the burn address terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu.
In particular, the 19th batch of the LUNC burning mechanism, Binance burned over 270 million transaction fees for the period January 31 to February 28. Following the last burn, Binance’s total LUNC burn amount reached 53.48 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs.
The current burn is significant as the LUNC burn campaign has reached the 100 billion LUNC burn milestone, bringing the total burn to over 102 billion. Crypto Exchanges, validators, projects, and community members collectively burn more than 400 million LUNC per week on average.
In February, Binance burned 2.1 billion LUNC tokens. The burn rate has increased significantly following a huge jump in trading volume on crypto exchange LUNC amidst the massive rise in Bitcoin price and altcoins.
The circulating supply of LUNC tokens is 5.78 trillion and the total supply is 6.80 trillion. As the bull market gains momentum, the LUNC community’s plans to increase benefits, financing, and chain developments will support the increase in LUNC burn rate.
LUNC and USTC Prices Gained Momentum
Binance LUNC has been pulling prices up effortlessly as major shorts have been liquidated in the last 24 hours, indicating the bullish trend among traders.
LUNC price increased by 30% in the last 24 hours and by 45% in February. The price is currently trading at $0.000181. The 24-hour high and low price are $0.00014 and $0.000185 respectively. Additionally, trading volume increased by 21% in the last 24 hours, indicating high interest among investors. Traders expect LUNC to reach the $0.0002 resistance level soon.
Meanwhile, the USTC price is up 12% in the last 24 hours, following a 42% rise in February. The price is currently trading at $0.0386. The 24-hour low and high are $0.0350 and $0.0397 respectively. The rally looks set to continue as the community moves forward with an 800 million USTC burn worth over $32 million.
