The Terra Luna Classic community has burnt 400 billion LUNC, and Binance has sent over 700 million LUNC to the burn address.
In the 30th batch of its LUNC Burn Mechanism, Binance, the world’s largest crypto exchange, destroys over 700 million Terra Luna Classic tokens. As a result, the community has incinerated more than 400 billion LUNC tokens. Additionally, the circulating supply has decreased to 5.5 trillion LUNC.
In the meantime, the price of LUNC has decreased by 6% due to the broader crypto market selloff, precipitated by a trade war initiated by US President Donald Trump.
Binance burns 736 million Terra Luna Classic LUNC tokens
Per the burn transaction on February 1, the crypto exchange Binance transferred over 736 million LUNC tokens to the burn address. This was the exchange’s lowest burn since implementing the LUNC burn mechanism to assist the Terra Luna Classic community.
The crypto exchange incinerated $87,923 in trading fees from December 31 to January 30 in the 30th batch of the LUNC burn mechanism. According to the burn tracker, 70.85 billion LUNC tokens are incinerated by the exchange.
It is important to note that Binance torched 1.7 billion LUNC tokens in the previous month in response to Terraform Labs’ bankruptcy and token burns, which resulted in a significant trading volume.
The Community’s Terra Luna Classic Burn Landmark
The Terra Luna Classic community manages the chain with the assistance of validators and developers through governance voting. The burn campaign has achieved another significant milestone, as the community has incinerated 400 billion LUNC.
The Terra Classic revival narrative has generated enthusiasm among the community members. Binance founder Changpeng “CZ” Zhao has pledged to provide the community with support for the LUNC burn campaign, and numerous initiatives and Cosmos developers have contributed and completed tasks.
Price Performance of LUNC and USTC
The price of LUNC has decreased by 6% in the past 24 hours, and it is currently trading at $0.00007068. The 24-hour low and high are $0.00007017 and $0.00007641, respectively.
Nevertheless, the Terra Luna Classic trading volume has increased by 25% in the past 24 hours, suggesting a surge in interest among traders. Analysts remain optimistic about a potential increase to $0.0005.
In the same period, the price of USTC decreased by 8% to $0.013 over the past 24 hours. In the past 24 hours, there has been a 33% increase in the trading volume.