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The world’s largest exchange by volume, Binance, has once again delivered good news to LUNC investors. In the 20th iteration of the LUNC burning mechanism, Binance burned 4.17 billion Terra Luna Classic (LUNC) tokens, creating an impact on the market. With the latest burn event, the total amount of LUNC tokens burned by the cryptocurrency exchange has exceeded 56 billion. On the other hand, the total number of tokens burned by the Terra Luna Classic community has surpassed approximately 110 billion.
Binance and LUNC Token Burning
According to the transaction carried out by the cryptocurrency exchange Binance on April 1st, it was revealed that 4.17 billion Terra Luna Classic (LUNC) tokens were sent to the burn address.
In particular, during the 20th implementation of the LUNC burning mechanism, Binance burned over 350 million LUNC based on transactions that took place between February 29 and March 30. To date, Binance has burned 56 billion Terra Luna Classic (LUNC) tokens resulting from trading fees on LUNC spot and margin trading pairs.
In March, Binance carried out the burning of 2.21 billion Terra Luna Classic (LUNC) tokens. The Binance team, led by CEO Richard Teng, who continues the promise made to the Terra Luna Classic Community by former CEO Changpeng Zhao, is maintaining monthly LUNC burns.
Meanwhile, the daily burn rate of LUNC appeared to be lower due to the recent price increase. On the other hand, the volume of transactions on cryptocurrency exchanges seemed relatively higher amidst significant rises in the price of Bitcoin and other altcoins.
Current Dollar Value of LUNC and USTC
Following Binance’s burning of over 4 billion LUNC, the Terra Classic ecosystem tokens LUNC and USTC experienced an immediate price surge followed by a sharp decline.
The LUNC price saw an increase of over 1% from the support level, but the price still encountered a sharp 8% drop over the last 24 hours. At the time of writing, the price is trading at $0.0001468. The highest and lowest prices within 24 hours were $0.0001468, with the highest being $0.000161.
On the other hand, the 24-hour trading volume increased by 45%, drawing high interest among traders. The volume reached $74 million after the increase.
Meanwhile, the USTC price has dropped over 6% in the last 24 hours, trading at $0.02677 at the time of writing.
