Binance, the world’s largest cryptocurrency exchange, successfully burned 2.21 billion Terra Luna Classic (LUNC) tokens in the 19th episode of the LUNC coin burning mechanism. With this development, the price of LUNC coin increased. In addition to this rise, the increase in momentum in other cryptos also attracted attention. Here are the details…
2.2 billion LUNC coins were burned
This latest burn brings the total number of LUNC tokens burned by Binance to over 53 billion. The entire Terra Luna Classic community has now collectively burned over 102 billion LUNC tokens; This is an important milestone that increases awareness and trust within the community. In the burn that took place on March 1, Binance sent 2.21 billion LUNC tokens to the burn address terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu. Additionally, Binance burned through over 270 million transaction fees in the period between January 31st and February 28th.
This latest burn further increased Binance’s total LUNC burn amount, which also includes tokens burned from transaction fees on LUNC spot and margin trading pairs. The recent increase in burn rate can be attributed to the significant increase in LUNC trading volume on Binance, triggered by the massive rise in Bitcoin and other altcoin prices. The circulating supply of LUNC tokens currently stands at 5.78 trillion, with the total supply standing at 6.80 trillion.
As the bull market gains momentum, the LUNC community plans to increase the utility, financing and development of the chain. This is expected to further increase the burning rate. Positive developments surrounding the LUNC token have also led to an increase in its price. In the last 24 hours, the price of LUNC increased by 30%, reaching $0.000181. Trading volume also increased by 21%, indicating high interest among traders. Traders are now eyeing the $0.0002 resistance level as the next target for LUNC.
Other cryptocurrencies also rose
Meanwhile, other cryptocurrencies also experienced notable price increases:
- ORDI briefly surpassed $87 and is currently trading at $86.1, up 16.6% in 24 hours.
- FTT briefly touched $2.4 and then fell back; It is trading at $2.2788, up 28.15% in 24 hours.
- THENA briefly broke above $0.29 and is currently trading at $0.2898, up 35.82% in 24 hours. THENA plans to launch a number of innovations in 2024, such as THE Card, which includes the THE Wallet wallet, a new user interface (UI), the ARENA social trading platform and fiat channels.
- MEME broke through $0.044 and is currently trading at $0.04401, up 35.04% in 24-hours.
- UNI broke through $13 and is currently priced at $13.22, setting a new high for this round of recovery and a new high since February 2022. Uniswap has initiated voting for the “Enable Uniswap Protocol Governance” proposal and the current approval rate is 100%.
Overall, the cryptocurrency market is going through a period of significant growth and positive sentiment. Many tokens are seeing significant increases in price and trading volume.
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