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The LUNC burns that started in May 2022 have reached an incredible level of 95 billion by January 2024. These community-led actions play a significant role in reducing the circulating supply of LUNC. Binance, the world’s largest exchange by volume, has contributed over 51.7% to the total burns, nearly 50 billion LUNC.
Terra Luna Classic (LUNC) Burn Insights
The burning frenzy to push Terra Luna Classic forward has reached 95 billion LUNC, a joint effort by crypto exchanges, validators, projects, and community members, capturing all attention.
The community’s weekly burns average 600 million LUNC, a figure that has been exponentially increasing since November.
Binance has once again led the charge. The exchange tops the list in monthly LUNC burns, sending billions of LUNC to burn wallets, thus contributing over 51% to the total LUNC burned.
In this context, looking back, Binance carried out the 17th LUNC burn event, incinerating 5.57 billion Terra Luna Classic (LUNC) tokens. The total amount of LUNC burned by the crypto exchange has now surpassed 50 billion.
On the other hand, the circulating token supply is 5.78 trillion while the total supply is calculated to be 6.81 trillion LUNC. Recently, community members initiated a vote to burn the massive USTC and LUNC in the community pool, which was decisively rejected by other community members.
LUNC and USTC Prices on the Rise
LUNC and USTC prices have aligned with the rest of the market and started to rise. Meanwhile, LUNC, LUNA, and USTC shorts were liquidated in the last 24 hours, reflecting the upward price movement of the tokens.
The price of LUNC has seen an increase of over 5.5% in the last 24 hours, trading at $0.0001012. The highest and lowest prices of LUNC within 24 hours were $0.0000951 and $0.0001032, respectively. Additionally, the trading volume has seen a 103% increase in the last 24 hours, reaching a value of $56 million, indicating investors’ growing interest in the altcoin.
On the other hand, the USTC price has experienced a 4.66% increase in the last 24 hours. Trading at $0.02649 at the time of writing, USTC seems to have pleased its investors. The lowest and highest price levels observed within 24 hours were $0.02467 and $0.02713, respectively.
