Binance Burns 43.6 Billion LUNC

Binance Burns 43.6 Billion LUNC

Binance Burns 43.6 Billion LUNC

Since May 18, 2022, the Terra Luna Classic community has burned 85 billion LUNC. This is an additional significant achievement in the community’s endeavors to diminish the available supply of LUNC.

Binance, the largest cryptocurrency exchange in the world, has contributed nearly 43.6 billion LUNC to the total burn, which is more than 51 percent of the LUNC incinerated to date.

The circulating allocation of LUNC tokens is 5.83 trillion, while the total supply amounts to 6.82 trillion LUNC. However, utility increases remain necessary for the community to increase the LUNC combustion rate.

Terra Luna Classic is overseen by members, trusted validators, and community-approved developers after Do Kwon detaches the chain from TFL.

The 85 billion LUNC milestone has been attained in the Terra Luna Classic burn campaign, organized by crypto exchanges, validators, projects, and members who send LUNC to the burn address.

On average, 200 million LUNC are burned per week by the community, and Binance donates billions to the burn address each month.

On December 1, Binance burned the sixteenth shipment of Terra Luna Classic (LUNC) tokens, which amounted to nearly 4 billion LUNC. To date, the cryptocurrency exchange has consumed 43.6 billion LUNC.

Amid an increase in LUNC spot and margin trading volumes following the introduction of USTC perpetual contracts and the listing of new USTC and LUNC pairs by Binance and other exchanges, an enormous burn occurred.

Price pressure persists on LUNC and USTC, notwithstanding a recovery in the broader cryptocurrency market. Due to the recent decline in trading volumes, investors keep recording profits.

The price of LUNC has decreased by over 2% over the past twenty-four hours and is currently $0.00019.

The 24-hour minimum and maximum values are, respectively, $0.000196 and $0.000208. Twenty percent less trading volume has transpired in the past twenty-four hours.

In contrast, the price of USTC is currently $0.0437, a decrease of over 2% over the past twenty-four hours. The 24-hour moving average is $0.0457, while the 24-hour low is $0.0434.

Read Previous

Unleashing Potential of Bitcoin in Web3

Read Next

Compound Protocol’s Bounty Proposal Faces Quorum Hurdles