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Binance, the world’s largest exchange by volume, is conducting an additional burn of Terra Luna Classic tokens following its traditional monthly LUNC burn. In the 21st phase of the LUNC burn mechanism, the crypto exchange burned 1.4 billion LUNC tokens. After this burn by Binance, the total amount of burned LUNC exceeded 59 billion. Furthermore, the total amount of LUNC burned by the Terra Luna Classic community surpassed 113 billion.
Binance and LUNC Burns
The crypto exchange Binance transferred 56 billion Terra Luna Classic (LUNC) tokens to the burn address as part of its LUNC burn operations. These burn events occurred shortly after the monthly LUNC burn by Binance, similar to the past few months. The reason behind the noticeable decline in value during these burn operations remains unclear.
On May 1st, Binance transferred 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address. To date, Binance has burned approximately 59.07 billion Terra Luna Classic (LUNC) tokens from trading fees in LUNC spot and margin trading pairs.
As of April, Binance had burned over 100,000 LUNC tokens following the burn of 4.17 billion LUNC tokens. Similar burns had occurred in previous months.
Meanwhile, the increase in crypto prices led to a rise in trading volume due to increased interest among traders. In March, LUNC hosted large trading volumes exceeding $100 million daily, and prices rose above $0.0002. In April, the trading volume for LUNC was around $30 million, and prices fell to $0.0001.
LUNC and USTC Price Outlook
As of today, a closer look at the Terra Luna Classic (LUNC) price shows a noticeable price increase. In line with the rest of the market, LUNC is above $0.0001091 after a 6.5% rise.
The highest and lowest price levels for LUNC in the past 24 hours were $0.0001017 and $0.0001096, respectively. Additionally, trading volume saw a 28% increase in the last 24 hours, reaching $27 million.
On the other hand, the price of the ecosystem’s other token, the former stablecoin USTC, increased by 6% in 24 hours and is trading around $0.0224 at the time of writing.
