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- Binance has burned over 59 billion Terra Luna Classic (LUNC) tokens as a continued plot to revive the Terra Luna ecosystem with the exchange contributing to 51.9% of the community’s total burns.
- LUNC’s price has experienced a 3% surge this week, indicating positive market sentiment.
Crypto Exchange Binance continues to show true service to the Terra Luna Community by conducting another token burn. According to Lunc Burn Tracker Binance just burned another heap of LUNC tokens totaling the number of tokens burned by the crypto exchange to over 59 Billion.
Usually, Binance conducts LUNC burns on the first day of every month, the crypto exchange decided to up the bar and execute another LUNC burn operation.
24-May-2024
Terra Classic $LUNC Max Supply: 6,794,537,545,225 LUNC $LUNC #luncburn #LunaClassic #LUNA #LUNC #LUNCcommunity #LuncBurn #LuncArmy #coinmarketcap #TradingView #LuncUpdate pic.twitter.com/TEkZn1KOg3— LUNC BURN UPDATE (@LuncBurnDaily) May 24, 2024
The monthly LUNC burns are a key aspect of Binance’s support to the Terra Luna Classic ecosystem, despite a noticeable drop in trading volume in May which has impacted the burn amount expectations for June.
In addition to its monthly burns, this leading crypto exchange by trading volume conducts “surprise” burns of LUNC tokens. By sending another batch of LUNC tokens to the burn wallet, this mechanism reduces the number of LUNC tokens circulating in the crypto market. This is a significant gesture of Binance’s proactive approach to stabilizing and revitalizing the Terra Luna Classic ecosystem.
In early May, Binance took 1.4 billion LUNC to the burn wallet as its 21st batch of LUNC tokens since the initiative began. With the latest token burn of 29,828 LUNC, the number totaled 59.07B tokens.
Binance accounts for 50% of the total LUNC burned. This significant contribution underscores Binance’s major role in the Terra Luna revival efforts.
The Terra LUNA community has wholly contributed to the total burn of 113.71 billion LUNC tokens. Binance has supported Terra LUNA tirelessly with the monthly burns since 2022. The monthly LUNC burn mechanism has been a cornerstone of the community’s efforts to restore LUNC’s price value and stability to the LUNC ecosystem.
These burns are intended to reduce the supply of LUNC tokens, therefore potentially increasing their value.
The broader cryptocurrency market has seen a lot of fluctuations. Just before the SEC approved of the Bitcoin ETF, the crypto markets experienced a major decline as investors, sold off their holdings. The sell-off was later reduced with the approval of Bitcoin ETFs. However, the market showed resilience with a recoil following the SEC’s approval of spot Ether ETFs.
With LUNC currently trading at $0.0001131, LUNC’s price has experienced a relatively positive momentum. The token has encountered a 3% price surge over the week. Despite the recent price increase, the trading volume for LUNC has seen a further decline in the past 24 hours, reflecting the broader market’s cautious sentiment.
Meanwhile, USTC (TerraUSD Classic) has exhibited a mostly oblique trading pattern currently trading at $0.02248.
Binance’s latest significant milestone of burning over 59 billion Terra Luna Classic tokens highlights the exchange’s ongoing commitment to supporting the LUNC community. Through both monthly burns and supplementary token burns, Binance continues to play a major role in the effort to retrieve the Terra Luna Classic ecosystem.
