Binance Burns 1.6 Billion Terra Luna Classic Tokens, LUNC Price Jumps 3%

    The world’s largest crypto exchange Binance has burned 1.6 billion LUNC tokens in the 8th batch of the LUNC burn mechanism. The Terra Luna Classic community has burned over 52.5 billion LUNC tokens in total, with Binance contributing 58% to the total LUNC burned.

    Terra Luna Classic (LUNC) price jumps 3% in the last 24 hours in anticipation of the Binance LUNC burn mechanism. The LUNC price is currently trading at $0.000125.

    Binance LUNC Burn Reaches Over 30 Billion After Latest Burn

    According to the burn transaction, Binance sent 1.612 billion Terra Luna Classic (LUNC) tokens to the burn address, contributing to reducing the LUNC circulating supply. With the latest burn, Binance has burned over 30.5 billion Terra Classic tokens in total from spot and margin trading fees.

    The 8th batch of the LUNC burn mechanism is for the period Feb 28 to March 30, 2023. The crypto exchange switched from weekly burn to monthly burn to better organize burn and reduce costs.

    The decline in Binance LUNC burn contribution is due to burning 50% of the LUNC spot and margin trading fees instead of 100%. It happened after the community passed Proposal 10983 to fund the community pool with 50% of the 0.2% burn tax instead of 10% for on-chain development.

    On March 2, Binance burned 8.85 billion Terra Luna Classic (LUNC), which marks the official return of Binance LUNC burns back to the Terra Luna Classic community after 3 months. The crypto exchange is the top contributor to the LUNC burn campaign, with over 30.5 billion LUNC tokens.

    The community voted down proposals related to increasing the burn rate despite eagerly awaiting massive burn events. Some fear Binance could withdraw its LUNC burn mechanism or reduce burn contribution similar to reducing its LUNC trading fee burn contribution to 50% earlier.

    LUNC Price Jump 3%

    With Binance’s latest burn, the LUNC price has jumped nearly 3% in the last 24 hours. The LUNC price is currently trading at $0.000125. The 24-hour low and high are $0.000122 and $0.000126, respectively. Furthermore, the trading volume has increased by 15% in the last 24 hours, indicating a slight increase in interest among investors.

    Terra Luna Classic (LUNC) fails to build an upside move in March, after bullish momentum in the previous two months. Currently, the community is moving towards its goal related to artificial intelligence. Core developer Edward Kim hinted at Terra Classic becoming an AI chain.

    Also Read: Justin Sun Reportedly Selling Stake In Huobi Exchange

    Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

    The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

    Source link

    Latest stories

    - Advertisement -

    You might also like...