Binance, the world’s largest crypto exchange, reportedly incinerated 1.41 billion Terra Classic (LUNC) tokens accumulated from trading fees on spot and margin trading pairs in July.
Binance’s latest burn effort brought the total number of LUNC tokens burned on the platform to about 37 billion. While the LUNC tokens already incinerated by the community now stand at relatively 71.5 billion LUNC.
Binance Burned 1.41 Billion LUNC
While Terra Classic is renowned for constantly pushing to burn down its massive circulating pool, it still has a long way to go to attain desirable results that would positively affect LUNC’s market value through burn mechanisms.
According to Binance’s burn transactions dated August 1st, the world’s largest crypto exchange forfeited about 7.06 million LUNC in transaction charges to send 1.41 billion Terra Luna Classic (LUNC) to the burn address.
Terra Classic (LUNC) Burn History
Meanwhile, due to Professor Edward Kim’s AI app chain Block Entropy, the USTC repeg plan, and the proposed parity upgrade in July, the LUNC burn rate increased significantly to about 2.65 billion burned LUNC tokens.
Notably, LUNC’s 11th batch burn mechanism lasted from June 30th to July 30th, 2023. With the latest burn, which would go down as the 12th batch, Binance has succeeded in burning about 37 billion LUNC in total from trading fees on spot and margin trading pairs.
On the other hand, the Terra Classic community has exceeded the 70 billion burned LUNC tokens landmark, with 71.5 billion LUNC tokens burned in total. Also, an 800 million USTC from the Ozone protocol has been mapped out to burn LUNC tokens.
Terra Ecosystem Tokens Fall Below Significant Support Levels
Prices of Terra ecosystem tokens, LUNA, LUNC, and USTC have all fallen below substantial support levels following Judge Rakoff’s unyielding stance that denied Terraform Labs and Do Kwon’s motion to dismiss the U.S. SEC lawsuit based on Judge Torres’ ruling as precedent.
In light of the above, LUNC dropped by 2%, LUNA by 5%, and USTC plunged most significantly by 7%. On a lighter note, LUNC’s price today is $0.00008053, with a high chance of recovering well above the $0.00009 resistance level, following the triangle pattern formation.
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