Terra Classic (LUNC)The coin suddenly gained nearly 13% on December 2, after Binance shared its sixth burn results.
At press time, LUNC has reached $0.00018, up 12% in the last 24 hours, and similarly, the coin is up 14% in the last week. This spike has drawn attention as most cryptocurrencies have recorded small amounts of gains or even losses during this time.
The recent price increase also coincided with a 291% increase in trading volume as traders sought to profit from the recent surge. LUNC is currently the 39th largest cryptocurrency and has a market cap of over $1 billion, according to data from CoinMarketCap.
Binance announced that after revealing the details of the fifth burn series, it will publish its results monthly instead of weekly. This triggered expectations in the community, who were waiting to hear that billions of tokens were burned. TerraClassic USD (USTC) also rose 8% to reach $0.02.
Binance burns 6.38 billion coins
Koinfinans.com As we have previously reported, the largest cryptocurrency exchange Binance has published the results of its sixth burn event on its website.
According to the updated data on the website, 6.389.199.628 coins were sent to the burning address. The exchange did this by imposing a 0.2% tax on total trading fees on LUNC spot and margin trading pairs between October 30 and November 29.
Binance is scheduled to release details of its next burn event, the seventh, on January 2, 2023.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.