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Binance burns 1.35 billion Terra Luna Classic, Crypto Exchange net burn reaches 60 billion
The largest in the world Binance cryptocurrency exchange it burned 1.35 billion Terra Luna Classic tokens in the 22nd batch of its LUNC burning mechanism on Saturday, continuing its support of the Terra Classic community.
The total LUNCs burned by Binance to date has exceeded 60 billion, representing over 52% of the total LUNCs burned by the Terra Luna Classic community.
Binance sends 1.35 billion Terra Luna Classic to Burn Address
Cryptocurrency exchange Binance has sent 1.35 billion Terra Luna Classic (LUNC) tokens to the burning address, according to LUNC burns operation on June 1st.
The 22nd batch of LUNC Binance burning mechanism burned a significant amount of trading commissions for the period between April 30th and May 30th. Binance has now burned nearly 60.42 billion Terra Luna Classic (LUNC) tokens from trading commissions on LUNC spot and margin trading pairs.
Meanwhile, net consumption by the Terra Luna Classic community has now exceeded 116 billion LUNC.
Last month, Binance burned 1.4 billion Terra Luna Classic (LUNC) tokens. The exchange burned $1.40 billion in trading fees on LUNC spot and margin trading pairs worth $156,362 as trading volumes dropped significantly in April. A similar drop in trading volumes was recorded in early May. However, trading volumes saw a turnaround in the final weeks of May, with prices mostly trading sideways around $0.00012.
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LUNC price up to 15% increase
LUNC and USTC prices continue to trade under pressure even after the Binance LUNC burn due to a recent cryptocurrency market sell-off. It caused Terra Luna Classic ecosystem tokens to undercut recent gains. The community narrative has shifted to development activity and LUNC burns in May, bringing back speculation that LUNC’s price would reach $0.0002.
Price MON it rallied more than 17% in a month thanks to buying by spot and derivatives traders. The price is currently trading at $0.000117. The 24-hour high and low are $0.0001168 and $0.0001219, respectively. Traders are currently waiting for a local breakout of the LUNC as prices gradually move in an ascending channel.
In the meantime, USTC price has skyrocketed by more than 36% in a month, with the price currently trading at $0.02367. The 24-hour low and high are $0.02360 and $0.02502, respectively. Trading volume has decreased in the last 24 hours.
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Varinder has 10 years of experience in the Fintech industry, with over 5 years dedicated to blockchain, cryptocurrency and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000 news stories, articles and documents. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the cryptocurrency industry.