Crypto Exchange Binance Burns 5.57 Billion LUNC Tokens

• The community has burned around 92.5 billion LUNC tokens.
• Binance delivered 5.57 billion LUNC tokens to the burn address.

In the 17th batch of the LUNC burn mechanism, cryptocurrency exchange Binance, burnt 5.57 billion Terra Luna Classic (LUNC) tokens. More than 49 billion LUNC, or 53% of all tokens burned by the Terra Luna Classic community, have been burned by the crypto exchange thus far.

Following Binance’s most recent LUNC burn, the values of USTC and LUNC, two tokens in the Terra Classic ecosystem, surged by more than 7%, signaling a strong mood to start the year. In accordance with the January 1st transaction, cryptocurrency exchange Binance delivered 5.57 billion LUNC tokens to the burn address.

Massive Contribution

Specifically, from November 30th to December 30th, the LUNC burn mechanism was in its 17th batch. The most recent burn brought Binance’s total Terra Classic token burn on LUNC spot and margin trading pairings to 49.17%. The community has burned around 92.5 billion LUNC tokens, after Binance’s most recent LUNC burn.

Binance burned 3.90 billion Terra Luna Classic (LUNC) tokens in December. The burn rate spiked after a dramatic rise in the amount of LUNC trades on the cryptocurrency exchange. A USTC perpetual contract and new USTC and LUNC trading pairs were introduced by Binance and other cryptocurrency exchanges, which greatly enhanced the trading of the tokens.

A wider market upswing and Binance’s LUNC burn mechanism have contributed to price increases for Terra Luna Classic (LUNC) and USTC. Investors should be on the lookout for a possible price retracement in the coming days as a result of profit booking.

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