The world’s largest cryptocurrency exchange, <a href="https://en.coin-turk.com/binances-robust-response-to-sec-lawsuit-impact-on-bitcoin-and-market-dynamics/”>Binance, has announced that 760 million LUNC tokens have been burned and removed from circulation in the 15th burn program for Terra Luna Classic (LUNC). With this latest burn, the total number of LUNC tokens burned by the cryptocurrency exchange has reached approximately 40 billion. The total number of LUNC tokens burned by the community has exceeded 76 billion.
Binance Burns 760 Million LUNC Tokens
The giant cryptocurrency exchange Binance contributed to the token burn campaign initiated by the community to reduce the circulating supply of LUNC by sending 760.42 million tokens to the burn address in a transaction on November 1. The 15th burn program covers the period from September 30 to October 30. With the latest token burn, the total number of LUNC tokens burned by Binance from the trading fees on LUNC spot and margin trading pairs has reached approximately 40 billion.
Binance burned 1.01 billion LUNC tokens last month. Due to fear, uncertainty, and doubt (FUD) affecting the overall market, a decrease in developer activity, and a decline in LUNC trading volume on the cryptocurrency exchange, the token burn rate under the program has significantly decreased. Since taking responsibility for the Blockchain after the 2022 Terra-LUNA crash, the Terra Luna Classic community has burned over 76 billion LUNC tokens in total.
While some members of the community expressed their dissatisfaction with Binance’s second token burn being below 1 billion, others thanked Binance and CEO Changpeng Zhao for their contributions to the token burn program.
In 2022, Binance reduced the share of fees obtained from spot and margin trading of LUNC for the token burn program from 100% to 50%. The Terra Luna Classic community is now considering launching a burn program for USTC tokens alongside LUNC on Binance.
Current Status of LUNC and USTC Prices
The Terra Luna Classic ecosystem tokens, LUNC and USTC, have experienced significant losses in the past 24 hours. Investor profit-taking in the overall market has put selling pressure on both altcoins.
The price of LUNC has dropped by 5% in the past 24 hours and is currently trading at $0.000062. The lowest and highest prices for the altcoin in the past 24 hours were $0.0000616 and $0.0000657, respectively. The price of USTC has also dropped by 4% in the past 24 hours and is currently trading at $0.011. The trading volume of the altcoin has increased slightly in the past 24 hours.
