Binance LUNC Burn Drops 43%, Records Below $1 Billion Terra Classic Burn For the First Time

In a significant development, Binance’s 13th batch of the LUNC burn mechanism has seen the burning of 795.98 million Terra Classic tokens, marking the first time the burn amount has fallen below one billion.

Binance Burns 795.98 Million LUNC Tokens

Binance, the world’s largest cryptocurrency exchange, recently executed a transaction burning 795.98 million LUNC. This burn, part of Binance’s ongoing effort to reduce the circulating supply of LUNC, also included a transaction fee of 3.98 million LUNC.

Read Also: LUNC Burn News: Total Terra Classic Tokens Destroyed Approaching Record High

Specifically, this burn played out between July 31 and August 30, 2023, constituting the 13th batch of the LUNC burn mechanism. Binance’s cumulative burn now reaches nearly 36.98 billion Terra Classic tokens, constituting trading fees from LUNC spot and margin trading pairs.

Last month, Binance burned 1.41 billion LUNC, representing a 43% drop in burn rate amid various factors, including FUD.

Meanwhile, data also show that the Terra Classic community has burned a total of 74.22 billion LUNC tokens. Notably, validator DFLunc and project TerraCasino emerged as the primary contributors to the LUNC burn in the most recent month. The community’s focus has also shifted towards the USTC repeg, which has impacted LUNC trading activity.

Read Also: LUNC to $1: Edward Kim Ramps Effort to Launch AI project Supporting LUNC Burning

Community Responses to Binance’s LUNC Burn

The drop in Binance’s LUNC burn below one billion has caught the attention of community members. While some expressed concern, the majority responded positively to the burn event. The community continues to closely monitor developments and the overall trajectory of LUNC.

Terra Classic (LUNC) and USTC Prices Under Pressure

Terra Classic ecosystem tokens faced a significant decline in prices last month, with LUNC experiencing a 22% drop and USTC losing 16% of its value. This downward trend aligns with broader market selloffs, putting pressure on LUNC and USTC prices.

Following the Binance LUNC burn, the LUNC price saw a little increase in price. However, it remains down over the past 24 hours, with the current trading price at $0.00006133. Similarly, USTC prices have fallen in the past 24 hours, with the current trading price standing at $0.01193. Notably, trading volume has seen a substantial 150% increase during the same period.

---

Follow us on Twitter, Facebook, Telegram, and Google News