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Binance Shocks Market with 1.41 Billion LUNC Token Burn
In its 12th round of token burning, Binance, the world’s largest cryptocurrency exchange, has incinerated 1.41 billion Terra Luna Classic (LUNC) tokens. This brings the total number of LUNC tokens burned by Binance to nearly 37 billion, while the community as a whole has burned over 71.5 billion LUNC tokens.
Binance Continues LUNC Token Burning
On August 1st, Binance, a leading cryptocurrency exchange, burned 1.41 billion Terra Luna Classic (LUNC) tokens by sending them to the burn address. This move was made to decrease the circulating supply of LUNC. The transaction also included a fee of 7.06 million LUNC.
This burn marks the 11th batch of the LUNC burn mechanism, covering the period from June 30th to July 30th, 2023. With this latest burn, Binance has now incinerated nearly 37 billion LUNC tokens in total, collected from trading fees on LUNC spot and margin trading pairs.
In July, Binance incinerated 2.65 billion Terra Luna Classic tokens, a significant increase from previous months. This uptick in the burn rate is attributed to positive developments within the Terra Luna Classic ecosystem, including the parity upgrade, the launch of Professor Edward Kim’s AI app chain Block Entropy, and the USTC repeg plan.
The community has also been actively burning LUNC tokens, with the total number surpassing 71.5 billion and reaching the 70 billion milestone. The burn narrative continues to be strong within the Terra Luna Classic community, with plans to burn an additional 800 million USTC through the Ozone Protocol.
Tokens within the Terra ecosystem experienced a decline in value, with LUNA falling by 5%, LUNC dropping 2%, and USTC decreasing by 7%. This drop in value came after Judge Rakoff denied Terraform Labs and Do Kwon’s motion to dismiss the US SEC lawsuit, citing Judge Torres’ ruling as precedent.
As a result, the prices of these tokens have fallen below key support levels. LUNC is currently trading at $0.0000796, but it may recover and rise above the $0.00009 support level due to the formation of a triangle pattern. Meanwhile, USTC is trading at $0.014.
