In a continued effort to support the Terra Classic community, the world’s largest cryptocurrency exchange, Binance, executed its 22nd LUNC burn on May 1st, 2024.
This burn event removed 1.35 billion LUNC tokens from circulation, bringing the total number of tokens burned by Binance to over 60 billion. This figure represents more than half (52%) of the total LUNC burned by the entire Terra Classic community.
Read Also: Proposal for the Massive Burn of Terra Classic (LUNC) To Boost Price Receives 83% Support: Details
Transparency in Burning Mechanism
To ensure transparency, Binance details the LUNC burning process by identifying the specific burn address where the whopping tokens were sent. These tokens originated from trading fees accumulated on LUNC spot and margin trading pairs between April 30th and May 29th, 2024.
This recent burn marks another step in Binance’s ongoing commitment to the Terra Classic community. In the previous month, the exchange eliminated 1.4 billion LUNC tokens through the same mechanism. This prior burn addressed trading fees collected during April, a period characterized by a significant decline in trading volume.
The early days of May saw a similar trend. However, the latter portion of the month saw a reversal, with trading volumes rising and prices remaining relatively stable near $0.00012.
LUNC Price Movement and Community Speculation
Despite Binance’s ongoing burn initiative, the broader cryptocurrency market selloff has exerted downward pressure on both LUNC and USTC prices. This market-wide correction resulted in the erosion of recent gains experienced by tokens within the Terra Luna Classic ecosystem.
However, the community’s focus has shifted towards development efforts and the consistent LUNC burns. This renewed emphasis has reignited speculation about the possibility of LUNC reaching $0.0002.
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Read Also: Binance Could Resume LUNC Burning as this Critical Terra Classic Proposal Passes: Details
Positive Performance Despite Market Pressures
Encouragingly, LUNC has exhibited a price increase of over 23% in the past month, fueled by buying activity from spot and derivatives traders. At the time of writing, LUNC is trading at $0.0001179, with a narrow range between the 24-hour high of $0.0001219 and the low of $0.0001168. Traders anticipate a potential breakout as the price continues its gradual ascent within an ascending channel.
Binance’s commitment to burning LUNC tokens offers a potential stabilizing force for the Terra Classic ecosystem. While the recent market downturn has impacted LUNC and USTC prices, the community’s focus on development and ongoing burns suggests a continued belief in the project’s future viability.
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