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The world’s largest exchange by volume, Binance, made another exciting move on Saturday by completing the 22nd phase of LUNC burns, removing 1.35 billion Terra Luna Classic tokens from circulation. This indicates Binance’s massive support for Terra Classic. As of today, the amount of LUNC burned by Binance has exceeded 60 billion. When combined with the amount burned by Terra Luna Classic investors, this accounts for 52% of the total burn.
Binance and LUNC Burns
Crypto exchange Binance made another significant move. As part of the regular burn process, 1.35 billion Terra Luna Classic (LUNC) tokens were sent to burn addresses on June 1st.
In the 22nd phase of the LUNC burn process, Binance eliminated a notable amount of trading fees for the period covering April 30 – May 30. To date, Binance has burned approximately 60.42 billion Terra Luna Classic (LUNC) tokens tied to LUNC spot and margin trading. On the other hand, the net burn amount carried out by the Terra Luna Classic community has exceeded 116 billion LUNC.
Last month, Binance burned 1.4 billion Terra Luna Classic (LUNC) tokens. During this period, in April, due to significant volume decreases in the market, only $156,362 worth of trading fees were burned, amounting to 1.40 billion tokens tied to LUNC spot and margin trading pairs.
This low trading volume was also observed in the early days of May. Nevertheless, by the end of May, this trading volume reversed, and as a result, LUNC price traded at $0.00012.
What is LUNC’s Price?
Price movements continue for LUNC and USTC. Following the selling pressure in the market, LUNC prices appear to have risen with the burns today. As of the time of writing, LUNC is trading at $0.0001218, following a 3% increase. This brought a market cap of $705 million, placing LUNC at 115th in terms of volume.
LUNC price saw an increase of over 17% within a month following purchases by spot and derivative investors. The highest and lowest price values seen in the last 24 hours for LUNC were $0.0001168 and $0.0001219.
