July 25, 2024
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LUNC, USTC Rise Over 7% As Binance Burns 5.57 Billion Terra Luna Classic

LUNC, USTC Rise Over 7% As Binance Burns 5.57 Billion Terra Luna Classic
  • Binance burns 5.57 Billion Terra Luna Classic tokens, with total LUNC burned by the exchange reaching 49.17 Billion. LUNC and USTC up 7%.

The world’s largest crypto exchange Binance sent 5.57 Billion Terra Luna Classic (LUNC) to burn address, as per the transaction on January 1.

Binance burned the 5.57 billion Terra Luna Classic (LUNC) tokens in the 17th batch of the LUNC burn mechanism. 

Notably, the 17th batch of the LUNC burn mechanism was for the period November 30 to December 30. 

The total LUNC burned by the crypto exchange to date reaches more than 49 billion, 53% of the total tokens burned by the Terra Luna Classic community.

This action triggered a positive move in the Terra Classic ecosystem. Tokens LUNC and USTC prices jumped over 7% after the latest LUNC burn by Binance, starting the year with bullish sentiment.

With the latest burn, Binance has burned 49.17 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs. After the latest LUNC burn by Binance, the community has burned nearly 92.5 billion LUNC tokens.

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LUNC Burn

In December, Binance burned 3.90 billion Terra Luna Classic (LUNC) tokens. The burn rate significantly increased after a massive jump in LUNC trading volume on the crypto exchange. 

Binance and other crypto exchanges launched a USTC perpetual contract, and new USTC and LUNC trading pairs, which contributed massively to the trading of the tokens.

LUNC and USTC Prices Gains Upside Momentum

Terra Luna Classic (LUNC) and USTC prices rise amid a broader market rally and Binance LUNC burn mechanism. 

Traders need to keep an eye on a possible pullback in prices due to potential profit booking in the next few days.

LUNC price jumped 8% in the last 24 hours, with the price currently trading at $0.0001458. The 24-hour low and high are $0.000137 and $0.000147, respectively. However, the trading volume has decreased by 45% in the last 24 hours.

LUNC Price Chart | Source: Coinstats

 

Meanwhile, USTC price climbed 7%, with the price currently trading at $0.033772. The 24-hour low and high are $0.0321 and $0.0341, respectively.

USTC Price Chart | Source: Coinstats

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