The cryptocurrency exchange Binance continues to support a cryptocurrency with significant token burns. According to data provided by LUNC Burn Tracker, a new Terra Luna Classic (LUNC) token burn event was held this week. Following the latest burn by Binance, the number of LUNC tokens burned by the crypto exchange has exceeded 59 billion, demonstrating substantial support to revive the cryptocurrency that caused major sensations in the past.
Binance Burns Additional LUNC Tokens
Binance, the world’s largest exchange by volume, is known to conduct additional Terra Luna Classic (LUNC) token burns outside of its monthly LUNC burn mechanism. According to data announced by Binance on May 23, new transfers were made to the wallet designated for token burns.
In early May, Binance conducted the 21st phase of the LUNC burn process, burning 1.4 billion Terra Classic tokens. Following the latest burn by the Binance exchange, the total amount of LUNC burned has reached significant levels. The total amount of LUNC burned by the crypto exchange has exceeded 59.07 billion, accounting for 51.9% of the total LUNC burned by the community.
On the other hand, the Terra Luna Classic community, which aims to revive the cryptocurrency, has burned over 113.71 billion LUNC tokens. Binance took a significant step following sensational events and continues to support the existence and community efforts of Terra Luna Classic as part of the monthly LUNC burn process initiated in 2022.
LUNC and USTC Price Performance Amid Market Sales
A significant event occurred in cryptocurrencies recently. The SEC approved the Ethereum ETF, causing a major stir in the markets. However, this excitement does not seem to have affected altcoins yet.
LUNC price has worried investors after a 3% drop in the last 24 hours. As of the time of writing, it is trading at 0.00011358. Despite this, the price movement over the last 7 days indicates a 7% increase.
Meanwhile, the price of the former stablecoin USTC, one of the architects of the biggest crashes in the cryptocurrency market, has dropped as investors realized profits during the week. As of the time of writing, the price continues to trade at 0.02252 dollars after a 5% drop in the last 24 hours.
