Terra Luna Classic Burn Hits 400 Billion: Binance Burns 736 Million LUNC
Binance, the world’s largest crypto exchange, burned 736,000,000 Terra Luna Classic (LUNC) in its 30th LUNC Burn Mechanism. This is the lowest burn since the mechanism started.
The burn mechanism is for the Terra Luna Classic community and $87,923 in trading fees was collected between Dec 31 and Jan 30. Total LUNC burned so far is 70,850,000,000.
Key highlights:
- Binance burned 1.7 billion LUNC in the previous month.
- The total LUNC burned by the community now exceeds 400 billion.
- Circulating supply has dropped to 5.5 trillion LUNC.
Terra Luna Classic Burn Milestone
The Terra Luna Classic community with the support of validators and developers has burned over 400 billion LUNC. This is part of the bigger plan to revive the Terra Classic ecosystem.
Community is still optimistic about the project and multiple projects and Cosmos developers are supporting. Binance founder Changpeng “CZ” Zhao has also promised to continue supporting the burn campaign.
The burn is to reduce supply and increase scarcity and potentially increase the value over time.
LUNC and USTC Price Trends
Despite the burn, LUNC and USTC prices are under pressure due to the broader crypto market selloff. LUNC price down 6% in the last 24 hours, trading at 0.00007068, with a 24-hour range of 0.00007017 to 0.00007641.
But LUNC trading volume is up 25% and analysts are still optimistic and predicting a rally to $0.0005 soon.
USTC, the stablecoin of Terra Luna Classic, is down 8% and trading at $0.013. Despite the drop, volume is up 33%. The Terra Luna Classic community burn and Binance support is showing a clear effort to stabilize the ecosystem.
While the market is still volatile, the increasing volume and community optimism means recovery and growth in the coming months.
