As a seasoned researcher with a keen interest in cryptocurrencies and blockchain technology, I find myself intrigued by the recent Binance LUNC burn of 1.193 billion tokens. The sheer magnitude of this burn, amounting to $97,229.23 in trading fees for a single period, is truly astounding.
The burning of Terra Classic (LUNC) tokens by Binance exchange has now totaled approximately $65 billion, with an additional 1.19 billion tokens being destroyed recently. However, the price of Terra Classic has not rebounded in either the spot or derivative markets due to a wider cryptocurrency market downturn and discussions about potential chain rule violations by certain validators.
Binance Burns Nearly 1.2 Billion LUNC Tokens
1.193 billion Terra Luna Classic tokens were destroyed by Binance, a cryptocurrency exchange, according to the burn transaction that took place on September 1. This transaction also noted that 5.96 million LUNC tokens were collected as tax.
During the 25th round of the LUNC burn process, a total of $97,229.23 worth of trading fees were incinerated, from July 31 to August 29. Over the past two years, the exchange has destroyed approximately 65 billion Terra Luna Classic (LUNC) tokens through this mechanism.
Approximately 132 billion Terra Classic (LUNC) tokens have been incinerated so far due to various projects, cryptocurrency platforms, and investors getting rid of their LUNC holdings. Notably, the quantity burned via Binance’s LUNC burn mechanism has seen a substantial decrease over time.
LUNC Price Fall on Several Factors
The implementation of Tax2Gas has been postponed due to a number of concerns, such as security matters and pull request issues. In response, the testnet was updated with the final binary containing Tax2Gas and various fixes provided by Genuine Labs. This update, however, seems to have driven traders away, resulting in a 15% decrease in prices over the past week.
The cost of LUNC is decreasing, coinciding with a heated argument within the community about potential breaches of network rules by certain validators. There’s a suggestion circulating that the JESUSisLORD 2 (JIL2) validator may have broken the DynComm rule by operating another validator on the same chain simultaneously.
Furthermore, the instability and fluctuations in the wider cryptocurrency market can cause a selling trend among alternative coins. Currently, investors are looking to upcoming U.S. employment figures for guidance on where the market might head over the next few days.
1. The price of Terra Luna Classic remains weak, trading below its 50-day moving average for the past two months now. Additionally, there’s been a 6% decrease in open interests for 1000LUNC futures on Binance and Bybit over the last 24 hours, suggesting that investors are less keen despite the ongoing Binance LUNC burn.
Currently, USTC’s price has surged over 1%, reaching $0.0156. Many traders are taking advantage of this drop to purchase, as the price fell today. Additionally, there’s been a significant increase of 53% in trading volume during the last 24 hours.
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2024-09-02 17:44