As a researcher with extensive experience in the crypto market, I’m closely monitoring the latest developments surrounding Terra Luna Classic (LUNC) and its exchange partner Binance. The recent revelation that Binance burned an additional 1.4 billion LUNC tokens beyond its monthly burn mechanism is a noteworthy event.
This week, Binance, the cryptocurrency exchange, torched another batch of Terra Luna Classic (LUNC) tokens. According to LUNC Burn Tracker’s latest disclosure, the total amount of LUNC tokens incinerated by Binance now surpasses 59 billion.
Binance Burns Additional LUNC Tokens
Each month, Binance, the crypto exchange, destroys extra Terra Luna Classic (LUNC) tokens over and above its regular monthly token burn. On May 23rd, Binance transferred these additional LUNC tokens to the burn wallet through a recorded transaction.
In early May, Binance destroyed approximately 1.4 billion Terra Classic tokens as part of the 21st round of LUNC token burns facilitated by the exchange. With this recent elimination, the grand total of LUNC tokens eliminated by Binance now exceeds 59.07 billion, which represents roughly 51.9% of all LUNC tokens ever burned within the community.
Over 113.71 billion LUNC tokens have been burned by the Terra Luna Classic community to date. Since 2022, Binance has facilitated the community’s efforts to revive Terra Luna Classic through its monthly mechanism of burning LUNC tokens.
LUNC and USTC Price Performance Amid Market-Wide Selloff
The cryptocurrency market experienced wider pullbacks during regular US trading hours. This was likely due to large investors and whales disposing of their assets, reminiscent of the selling frenzy that occurred shortly following the Securities and Exchange Commission’s (SEC) approval of a spot Bitcoin ETF in January.
The cost of LUNC dropped by 3% over the past 24 hours, significantly reducing its weekly growth. At present, the price hovers around $0.0001131. The lowest and highest prices in the last day were recorded at $0.0001094 and $0.0001179 respectively. Notably, trading volume has decreased since a substantial surge of 231% on Wednesday.
As a crypto investor, I’ve noticed that USTC took a hit, experiencing a 4% decrease in value over the past 24 hours. Currently, the price hovers around $0.02289 on the markets. The lowest and highest points of the day were at $0.02128 and $0.02378 respectively. This downturn might be due to traders and investors taking profits off the table.
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2024-05-24 00:21