The world’s largest cryptocurrency exchange, Binance, continues its Terra Luna Classic (LUNC) token burns. In the 18th burn event, 2.1 billion tokens were eliminated. To date, the number of LUNC tokens burned by Binance has exceeded 50 billion. The latest burn of 2.1 billion tokens accounts for 52.4% of the total burns conducted by the Terra Luna Classic community.
Binance’s LUNC Burning Process
In the burns conducted by Binance, 2.1 billion Terra Luna Classic (LUNC) tokens were sent to the burn address terra1sk06e3dyexuq4shw77y3dsv480xv42mq73anxu.
The 18th LUNC burn event covered the period between December 31 and January 30. Following the burn events, the accumulated token amount from Binance LUNC spot and margin trading pairs’ transaction fees reached 51.27 billion Terra Classic, which were burned periodically.
Looking back at January, it was observed that Binance had burned 5.57 billion Terra Luna Classic (LUNC) tokens. The burn rate had increased following a significant rise in LUNC trading volume on the cryptocurrency exchange.
Binance and other cryptocurrency exchanges made another critical move by introducing the USTC perpetual contract and new USTC and LUNC trading pairs, aiming to significantly contribute to token trading activities.
While all these developments were taking place, the Terra Luna Classic burning operations were being advanced collectively by cryptocurrency exchanges, validators, projects, and community members, reaching the level of 98 billion LUNC. The community is performing an average burn of 600 million LUNC per week.
Current Status of Terra Classic and USTC
In recent hours, sharp price movements were observed on the LUNC and USTC front. The two altcoins, which experienced a significant collapse after the Terra incidents, seem to be regaining momentum.
The LUNC price, after a 7% drop this week, appeared to have risen by 5% at the time of writing, finding buyers at the $0.00010129 level. The lowest price in 24 hours was $0.00009415, while the highest price was $0.000010150, which occurred in the past minutes.
On the other hand, examining the USTC price, it has also been trading at $0.02489 in the last 24 hours. The lowest price level in 24 hours was $0.02387, while the highest price level was $0.02489, and it continues to rise.
