Binance cryptocurrency exchange burns 4.17 billion Terra Luna Classic (LUNC) coins.
Binance burns about 56 billion LUNC, while the community burns nearly 110 billion. Following the Binance LUNC burn, the price of LUNC and USTC returns.
Binance, the world’s largest cryptocurrency exchange, burned 4.17 billion LUNC tokens in its twentieth batch of the LUNC burn mechanism. Following Binance’s latest burn, the crypto exchange’s net LUNC burn has topped 56 billion. Moreover, the Terra Luna Classic community has burned approximately 110 billion tokens.
Binance burns 4.17 billion. Terra Luna Classics (LUNC)
On April 1, the crypto exchange Binance delivered 4.17 billion Terra Luna Classic (LUNC) coins to the burn address.
Notably, during the 20th batch of the LUNC burn mechanism, Binance burned more than 350 million in trading fees from February 29 to March 30. Binance has burned almost 56 billion Terra Luna Classic (LUNC) tokens due to trading costs on LUNC spot and margin trading pairs.
In March, Binance burnt 2.21 billion Terra Luna Classic (LUNC) coins. The cryptocurrency exchange continues to burn LUNC every month under new CEO Richard Teng, fulfilling ex-CEO Changpeng Zhao’s vow to the Terra Luna Classic Community.
Meanwhile, the daily burn rate has dropped compared to previous months due to a rise in LUNC prices. Despite a significant surge in the cost of Bitcoin and altcoins, trading volume on cryptocurrency exchanges remained high.
LUNC and USTC Prices Rebound
Terra Classic Ecosystem Tokens LUNC and USTC recovered after Binance destroyed more than 4 billion LUNC.
The LUNC price has recovered almost 1% from the support level. However, it has still been down 1% in the last 24 hours. The price is presently set at $0.000152. The current 24-hour high and low are $0.000150 and $0.000161, respectively.
Furthermore, trading volume has surged by 95% in the last 24 hours, indicating a strong interest among traders. However, LUNC futures statistics currently show a need for more trading by derivative traders.
Meanwhile, the USTC price has fallen 2% in the last 24 hours, trading at $0.0276. The current 24-hour low and high are $0.0270 and $0.0289, respectively. Trading volume has increased by 80% in the last 24 hours.
