Binance Burns Additional Terra Luna Classic (LUNC) Tokens After Monthly Burn

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As a seasoned crypto investor with a deep understanding of the market, I’m closely following the latest developments surrounding Terra Luna Classic (LUNC) and its relationship with Binance. The recent news about Binance burning an additional 1.4 billion LUNC tokens has caught my attention, especially considering that the total number of tokens burned by the exchange now exceeds 59 billion.

Binance, the world’s leading crypto exchange, recently incinerated an additional 1.4 billion Terra Luna Classic tokens as part of its monthly burn mechanism. This latest elimination brings the total amount of LUNC tokens burned by Binance to more than 59.1 billion.

Additionally, the Terrasphere Community of Terra Luna Classic has burned a grand total of more than 113 billion LUNC tokens. Since 2022, Binance has been a steadfast supporter, facilitating the token burn process for the Terran revival through its monthly mechanism.

Terra Luna Classic (LUNC) Burns By Binance

Binance, the popular crypto exchange, recently transferred 56,911 Terra Luna Classic (LUNC) tokens to the designated burn address. This action followed a similar pattern of previous monthly LUNA burns conducted by Binance over the past few months. The precise motivation behind these small-value token transfers to the burn address is yet unexplained.

Binance transferred approximately 4.17 billion Terra Luna Classic (LUNC) tokens to the disposal address on May 1st. To date, Binance has disposed of roughly 59.07 billion LUNC tokens obtained from trading fees in the LUNC spot and margin trading markets.

In the month of April, Binance destroyed approximately 100,000 LUNC tokens. This occurred not long after they had eliminated around 4.17 billion LUNC tokens from circulation in earlier months as well.

During this period, there has been a significant decrease in overall cryptocurrency trading activity, with LUNC being no exception. In March, the daily trading volumes for LUNC exceeded $100 million and the price surged above $0.0002. However, in April, the average daily trading volumes dwindled to around $30 million and the price dropped down to $0.0001. Additionally, the market capitalization of LUNC has plummeted from over $1 billion.

LUNC and USTC Pump Amid Market-Wide Recovery

As a market analyst, I’ve observed an uptick in the value of tokens within the Terra Luna Classic ecosystem. This trend aligns with the broader recovery sweeping through the crypto market. Recent developments, such as the decrease in Consumer Price Index (CPI) inflation figures and continuous inflow of investments into Bitcoin Exchange-Traded Funds (ETFs), have rekindled optimism among investors.

Over the last 24 hours, the price of LUNC experienced a significant surge, reaching a 6% increase. At present, the price hovers at $0.0001092. The hourly high and low prices were recorded as $0.0001017 and $0.0001096, respectively. Notably, there has been a substantial 28% uptick in trading volume during this period, suggesting active buying from traders. According to an assessment by CoinGape Markets, the potential price for LUNC is projected to reach as high as $0.0005.

Over the past day, USTC’s price has risen by 5%, reaching a current value of $0.0222. The lowest and highest prices in the last 24 hours were $0.02083 and $0.02237 respectively.

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2024-05-16 00:20