Bittime - Binance, the world's largest crypto exchange platform, has again burned asignificant amount LUNC This latest burn brings the total LUNC burned by Binance to more than 59 billion tokens. This action sparked speculation about a potential increase in the prices of LUNC and USTC (TerraClassicUSD).
Binance Continues Additional LUNC Burn
Binance is known to routinely burn LUNC tokens every month as a form of support for the Terra Luna Classic community. However, the latest burn revealed via the LUNC Burn Tracker is separate from the monthly burn mechanism.
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According to transactions monitored on May 23, Binance sent an additional amount of LUNC tokens to the burning wallet. The exact number of tokens burned in this additional burn is not yet known.
Total LUNC Burned by Binance Exceeds 59 Billion
Previously, in early May, Binance had conducted a LUNC burn in their 21st monthly program, for a total of 1.4 billion tokens. With this latest burn addition, the total LUNC burned by Binance has now surpassed the 59.07 billion mark. This amount represents 51.9% of the total LUNC burned by the entire community.
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Overall, the Terra Luna Classic community has managed to burn more than 113.71 billion LUNC tokens. Since 2022, Binance has consistently supported the community's efforts to revive the Terra Luna Classic ecosystem through their monthly burn mechanism.
Impact of Burning on LUNC and USTC Prices
The crypto market as a whole is experiencing a correction in the last few days. Many investors, especially large investors (whales), choose to sell their crypto assets. This condition is similar to the sell-off that occurred after the approval of a Bitcoin ETF by the SEC in January.
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LUNC price itself fell around 3% in the last 24 hours, erasing most of the gains it achieved over the past week. Currently, LUNC is trading at around $0.0001131, with the lowest and highest prices in the last 24 hours at $0.0001094 and $0.0001179 respectively. LUNC trading volume also decreased after a significant spike of 231% on Wednesday.
Meanwhile, the price of USTC also corrected by around 4% in the last 24 hours, possibly triggered by profit taking by traders and investors. USTC is currently trading at around $0.02289, with the lowest and highest prices in the last 24 hours at $0.02128 and $0.02378 respectively.
Although Binance's burning of LUNC tokens aims to reduce the number of tokens in circulation and potentially drive up prices, the ongoing market correction may hamper the effectiveness of the action.
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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