Binance burned 1.4 billion Terra Luna Classic (LUNC) tokens, bringing the total LUNC burned by the exchange to over 57 billion.
Binance, the largest cryptocurrency exchange in the world, is responsible for the destruction of 1.4 billion Terra Luna Classic (LUNC) coins on Wednesday. This was the 21st batch of the LUNC burn mechanism.
Following the latest burn, Binance has burned a total of 57 billion LUNC. The numbers of LUNC burned were consistent with the estimates provided by CoinGape, which ranged from one billion to one and a half billion.
Additionally, the Terra Luna Classic community has destroyed more than 112 billion pieces of LUNC tokens. Binance has continued to assist the community in the rebirth of Terra Luna Classic through the monthly LUNC burn method since 2022.
In accordance with the LUNC burn transaction that took place on May 1st, the cryptocurrency exchange Binance transferred 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address.
The cryptocurrency exchange contributed 52% of the total LUNC burn by the community, making it the most significant contributor to the LUNC burn.
Binance’s Terra Luna Classic (LUNC) Burn Declines to 1.4 Billion
Binance’s 21st batch of the LUNC burn mechanism burned a substantial amount of trading fees for the period between March 31 and April 29. The fact that this happened is particularly noteworthy.
Binance burned nearly 57.66 billion Terra Luna Classic (LUNC) tokens due to trading fees on LUNC spot and margin trading pairings. The drop in daily LUNC trading volume in April, which coincided with a general decline in cryptocurrency prices and trading volumes across the market, is responsible for the decrease in trading volumes.
During the month of March, LUNC experienced enormous trade volumes of more than $100 million per day and prices surged past the $0.0002 threshold.
In April, LUNC averaged daily trade volumes of $30 million and saw a reduction in prices to one thousand dollars. Additionally, the market capitalization has decreased from more than $1 billion to less than $600 million in just one month.
Binance destroyed 4.17 billion Terra Luna Classic (LUNC) tokens during the 20th LUNC burn mechanism. Due to the huge increase in trading volumes that occurred in March, the exchange lost 4.17 billion dollars in trading fees on LUNC spot and margin trading pairs, which collectively amounted to $722,630.
LUNC and USTC Prices Tumble on Market-Wide Selloff
Traders immediately responded to Binance’s LUNC burn, leading to a positive rebound in the values of the Terra Luna Classic ecosystem. In a single day, the price of LUNC dropped by 5%, while the price of Bitcoin corrected by more than 10%.
The price is currently trading at $0.00009531. The highest price in the past 24 hours is $0.0001001, while the lowest price is $0.00009272. In addition, the volume of trading has seen a small uptick over the past 24 hours.
Additionally, the level of open interest in LUNC and 1000LUNC futures demonstrated buying activity among derivatives traders, most likely as a result of the Binance LUNC burn.
During the past few hours, open interests on Binance and Bybit have climbed by more than one to three percent, according to Coinglass. While this is going on, the price of USTC has dropped by 2% over the past 24 hours and it is currently trading at $0.01724.
The low for the past 24 hours is $0.01638, and the high for the same period is $0.01789. Over the past 24 hours, there has been a 37% increase in the amount of trading.