Binance Burns 1 Billion LUNC Tokens, What’s Next For Terra Luna Classic?

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As an analyst with over a decade of experience in the crypto market, I have seen my fair share of price swings and token burns. The latest 1 Bln Terra Luna Classic (LUNC) burn by Binance is certainly noteworthy, especially given the community’s hopes for a price recovery to 0.0001 this week.

In a recent development, the world’s leading cryptocurrency exchange, Binance, incinerated approximately 1.048 billion Terra Luna Classic (LUNC) tokens as part of its 27th burn event for this specific token mechanism. This latest action by Binance has brought the total number of Terra Classic tokens destroyed by the community to nearly 137 billion.

Could we rephrase it like this: There’s been a surge of optimism within the community due to the recent event. Is there any chance that the price of LUNC will return to 0.0001 this week, fueling further growth, given the significant token burn by Terraform Labs?

Binance Sends 1 Bln Terra Luna Classic (LUNC) to Burn Address

1 billion LUNC tokens were incinerated by cryptocurrency exchange Binance on November 1, according to the burn transaction, which also incurred a tax expense of 5.2 million LUNC for the Terra Luna Classic community.

During the 27th round of the LUNC burn process, a major cryptocurrency exchange incinerated approximately $95,073.99 in trading fees accrued from September 30 to October 30. This exchange has now burned close to 66.66 billion tokens of LUNC, one of the leading cryptos.

It’s important to note that Binance burned 1.14 billion LUNC in the previous batch of the monthly burn mechanism. The exchange burns 50% of LUNC spot and margin trading fees monthly to support the Terra Luna Classic community’s revival efforts.

Over the past two years, the community has destroyed approximately 137 billion LUNC tokens. Now, the community anticipates significant burning of both LUNC and USTC tokens as a result of the bankruptcy court’s ruling concerning Terraform Labs, aiming for a major impact on these cryptocurrencies.

LUNC and USTC Price Performance

In the last day, the value of LUNC dipped by 8%, wiping out its gains from the entire previous week. This downward trend is linked to the broader cryptocurrency market’s selloff. At present, it’s being traded at $0.00008936. Over the last 24 hours, the price fluctuated between a low of $0.00008868 and a high of $0.00009834. Furthermore, there’s been a 50% decrease in the Terra Luna Classic trading volume over the same period, suggesting an increase in trader interest.

Currently, USTC’s price has dropped over 10% from its previous levels, however, it managed to gain 1% within a week. The current price stands at $0.0222 and the trading volume has decreased by approximately 50% in the last 24 hours.

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2024-11-01 14:08