Terra Luna Classic investors have burned 85 billion LUNC since May 18, 2022. This highlights a significant move by the community to decrease the circulating supply of LUNC. The biggest support in this process came from Binance, which is still the largest exchange by volume. During this time, Binance contributed about 43.6 billion LUNC to the total burning, accounting for 51% of all LUNC burns to date.
Reviews of Terra Luna Classic (LUNC) Coin
The circulating supply of LUNC tokens is 5.83 trillion, and the total supply is set at 6.82 trillion LUNC. In addition, it appears that the community needs to make greater strides to increase the burning of LUNC.
Terra Luna Classic separated from Do Kwon’s chain TFL. After this, the management was taken over by community-approved developers, trusted validators, and members who support the cryptocurrency.
During the ongoing process, Terra Luna Classic burning reached a massive size of 85 billion LUNC, with crypto exchanges, validators, projects, and members sending LUNC to burning wallets for elimination. The community burns an average of 200 million LUNC weekly. In addition, Binance transfers billions of LUNC to burning wallets every month.
Binance conducted the 16th LUNC burn on December 1, and approximately 4 billion Terra Luna Classic (LUNC) tokens were eliminated during this process. The total amount of LUNC sent to burn addresses by Binance to date has reached 43.6 billion.
Future of LUNC and USTC Coin
LUNC and USTC saw a significant price increase last week. After this, their prices could not benefit from the general recovery in the crypto market and continue to move under pressure. Some investors have already started to turn their profits into real sales due to the expected volume not being achieved.
Looking at the LUNC price, it was trading at $0.00019 with a decrease of more than 2% in the last 24 hours. The lowest and highest prices seen in the last 24 hours were $0.000196 and $0.000208, respectively. The trading volume decreased by 20% within the last 24 hours.
In addition, the USTC price also dropped more than 2% in 24 hours and is at $0.0437 level. The lowest and highest prices for USTC over a 24-hour period were $0.0434 and $0.0457, respectively.