The world’s largest crypto exchange Binance on Monday burned 1.27 billion LUNC tokens in the 9th batch of the monthly LUNC burn mechanism. With the latest burn, the Terra Luna Classic community total LUNC burn has reached almost 55 billion. Binance has burned 31.83 billion LUNC tokens. Traders didn’t immediately respond to the latest LUNC burn by Binance.
Binance Burns 1.2 Billion Terra Classic (LUNC) Tokens
Binance sent 1.612 billion Terra Luna Classic (LUNC) tokens to the burn address, contributing to reducing the LUNC circulating supply, as the burn transaction. It also includes a transaction fee of 2.53 million LUNC. Notably, the 9th batch of the LUNC burn mechanism is for the period March 31 to April 29, 2023. Binance has burned over 31.83 billion Terra Classic tokens in total from spot and margin trading fees.
The decline in the LUNC burn rate by Binance is due to a fall in spot and market trading volume in April. The Terra Classic witnessed an overall decline in the burn rate as contributions to the LUNC burn campaign fell. The exchange burning 50% of the LUNC spot and margin trading fees instead of 100% also causing the LUNC burn rates to fall.
Last month, Binance burned 1.6 billion LUNC tokens. Also, Binance burned 8.85 billion Terra Luna Classic (LUNC), which marked the official return of Binance LUNC burns this year.
Meanwhile, the Terra Classic community primarily focusing on increasing bringing back utility to the chain. The new Joint L1 Task Force developer group is following the footsteps of core developer Edward Kim and Tobias “Zaradar” Anderson, who left the developer group last month. The developer group is targeting major updates in May including the Cosmwasm v1.1.0 upgrade (parity) on May 31, which will allow projects and builders across Cosmos and Terra Luna 2.0 to once again build on the Terra Classic chain.
LUNC Price to Hit $1
The Terra Classic community looks to revive LUNC and USTC to $1, but the community needs to work continuously for many months in order to achieve the target. The developments are still in the early phase as per the Terra Classic Revival Roadmap.
LUNC price fell 3% in the last 24 hours, with the price currently trading at $0.000107. The 24-hour low and high are $0.000106 and $0.000112, respectively. However, the trading volume has increased in the last 24 hours.
The price is trading below the key support level of $0.00012. Until the price recovers over the support, LUNC price will continue to be under pressure.
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