The world's largest cryptocurrency exchange Binance has burned 1.41 billion Terra Luna Classic (LUNC) coins in the 12th installment of the Investing.com Terra Classic Index burning mechanism. With the latest burn, the total LUNC burned by the platform reaches nearly 37 billion and the total burn by the community exceeds 71.5 billion LUNC tokens. Will Binance Burn LUNC to Gain the Necessary Bullish Momentum?
Binance Burned 1.41 Billion LUNC Tokens The platform sent 1.41 billion Terra Luna Classic (LUNC) tokens to the burn to contribute to reducing the circulating supply of LUNC. Pursuant to a transaction on August 1. The transaction also includes a transaction fee of 7.06 million LUNC.
The 11th batch of the LUNC burning mechanism is for the period from June 30 to July 30, 2023. With the latest burn, Binance USD has burned approximately 37 billion Terra Luna Classic tokens in trading fees on spot and margin trading pairs.
In July, Binance burned 2.65 billion Terra Luna Classic tokens. The burn rate increased significantly last month amid positive sentiment due to the parity upgrade, Professor Edward Kim's AI application series Block Entropy and the USTC reset plan.
Meanwhile, the community has burned 71.5 billion LUNC tokens in total. Recently surpassed 70 billion LUNC. The burning narrative returned to the Terra Luna Classic community, where $800 million USTC was also set for burning from the Ozone Protocol.
Bullish momentum for LUNC price is coming? Terra ecosystem tokens LUNA fell 5%, while LUNC and USTC fell 2% and 7% respectively as Judge Rakoff denied Terraform Labs and Do Kwon's motion to dismiss the SEC's lawsuit on Judge Torres' ruling as a precedent. Prices fell below major support levels.
LUNC price is currently trading at $0.0000796. However, according to CoinGape Markets. LUNC price could recover above the $0.00009 support level due to the formation of a triangle pattern. Meanwhile, the USTC price is trading at $0.014.
