World’s largest crypto exchange Binance loses almost 4 billion in 16th batch of LUNC burn Terra Classic (LUNC) token burned. With the latest LUNC burn, the total amount of LUNC burned by the crypto exchange to date has exceeded 43 billion, reaching 52% of the total tokens burned by the Terra Classic community. Traders did not immediately respond to Binance’s burning.
Binance’s Net Terra Classic (LUNC) Burn Reached 43 Billion
crypto exchange BinanceAccording to the transaction on December 1, 3.90 billion Terra Classic (LUNC) tokens were sent to the burn address. Binance continues to contribute to the community’s LUNC burning campaign to reduce the circulating supply of LUNC following Changpeng “CZ” Zhao’s departure as Binance CEO.
In particular, the 16th batch of the LUNC burning mechanism covers the period from October 31 to November 29. With the latest burn, Binance burned over 43 billion Terra Classic tokens from trading fees on the LUNC spot and margin trading pairs. The community has burned approximately 83 billion LUNC tokens.
In November, Binance burned 760 million LUNC tokens, the lowest ever. The burn rate has decreased significantly due to FUD, reduced developer activity, and a decline in LUNC trading volumes on the exchange.
The huge increase in trading volumes this week has resulted in this massive LUNC burn that the community has not seen in the last few months. Binance has launched a USTC perpetual contract and new USTC trading pairs FDUSD and TRY, which have contributed greatly to the exchange’s trading volume.
Will LUNC and USTC Price Rise?
Terra Classic ecosystem tokens have dropped in the last 24 hours, and LUNC and USTC have fallen in the broader crypto- It gave up some recent gains due to profit booking in its market. However,
LUNC price is up 65% this week, the price is currently trading at $0.000116. The 24-hour low and high price are $0.000114 and $0.000121 respectively. However, trading volume has decreased over the last 24 hours.
Koinfinans.com Meanwhile, the USTC price is up 350% this week, as we reported. It is currently trading at $0.051. The 24-hour low and high price are $0.050 and $0.055 respectively.