Binance Burns 760 Million LUNC Tokens, Anticipating Price Increase

• Binance has burned 760 million Terra Luna Classic (LUNC) tokens in the 15th batch of the LUNC burn.
• The total LUNC burned by Binance to date is nearly 40 billion, with the community burning over 76 billion.
• Traders anticipate a price increase following the latest burn.

Binance's Latest Burn

On November 1, Binance sent 760.42 million Terra Luna Classic (LUNC) tokens to the burn address as part of the community's LUNC burn campaign. This burn contributes to the reduction of the LUNC circulating supply.

• The 15th batch of the LUNC burn mechanism covers the period from September 30 to October 30, 2023.
• Binance has burned a total of nearly 40 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs.

Community's Contribution

• The Terra Luna Classic community has burned over 76 billion LUNC tokens in total since taking responsibility for the chain after the 2022 Terra-LUNA crisis.
• Despite a drop in Binance's LUNC burn below 1 billion for the second time, the community expressed gratitude to Binance and CEO CZ for their continued contribution to the burn campaign.
• The community is considering requesting Binance to burn USTC along with LUNC.
• Last year, Binance reduced the burn contribution from 100% to 50% of LUNC spot and margin trading fees.

Market Impact

• The recent market-wide pullback has caused a significant decline in the prices of Terra Luna Classic ecosystem tokens, including LUNC and USTC.
• LUNC price fell 5% in the last 24 hours, currently trading at $0.000062.
• The 24-hour low and high for LUNC are $0.0000616 and $0.0000657, respectively.
• USTC price also tumbled 4% in the past 24 hours, currently trading at $0.011.
• However, the trading volume for USTC has slightly increased in the past 24 hours.