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Binance burns 1.4 billion Terra Luna Classic (LUNC) tokens.
The largest in the world Binance cryptocurrency exchange on Wednesday it burned 1.4 billion Terra Luna Classic (LUNC) tokens in its 21st batch of the LUNC burning mechanism. After the latest burn by Binance, the total LUNC burned by the cryptocurrency exchange to date has crossed the limit 57 billion. The burn numbers are in line with CoinGape estimates of between 1 billion and 1.5 billion LUNCs burned.
Furthermore, the total LUNC tokens burned by the Terra Luna Classic community has reached over 112 billion. Binance continues to support the community for the revival of Terra Luna Classic from 2022 via its LUNC monthly burning mechanism.
Binance Terra Luna Classic (LUNC) consumption drops to 1.4 billion
Cryptocurrency exchange Binance has sent 4.17 billion Terra Luna Classic (LUNC) tokens to the burning address, according to LUNC burns May 1st transaction. The cryptocurrency exchange is the largest contributor to LUNC consumption, accounting for 52% of the total LUNCs burned by the community.
Notably, the 21st batch of the LUNC Binance burning mechanism burned a significant amount of trading commissions for the period between March 31 and April 29. Binance has now burned nearly 57.66 billion Terra Luna Classic (LUNC) tokens from LUNC spot and margin trading fees. trading pairs.
The decline in trading volumes is due to the decline in LUNC daily trading volume in April due to the market-wide decline in cryptocurrency prices and trading volumes. In March, LUNC recorded massive trading volumes of over $100 million per day, with prices surpassing the $0.0002 level. In April, the average daily trading volume was $30 million and prices fell to $0.0001. The market capitalization also dropped from over $1 billion to less than $600 million in a month.
In the 20th LUNC burning mechanism, Binance burned 4.17 billion Earth Moon Classic (LUNC) tokens. The exchange burned $4.17 billion in trading fees on LUNC spot and margin trading pairs worth $722,630 as trading volumes increased significantly in March.
LUNC and USTC prices collapse due to market-wide selloff
Traders reacted immediately to Binance’s LUNC burnout, bringing a welcome rebound in prices across the Terra Luna Classic ecosystem.
Price MON fell 5% in one day as Bitcoin price corrected by more than 10%. The price is currently trading at $0.00009531. The 24-hour high and low are $0.0001001 and $0.00009272, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours.
Additionally, the open interest of LUNC and 1000LUNC futures showed buying activity from derivatives traders, likely due to the Binance LUNC burn. Open interest has increased by more than 1-3% on Binance and Bybit in recent hours, according to Coinglass.
In the meantime, USTC price has fallen by 2% in the last 24 hours, with the price currently trading at $0.01724. The 24-hour low and high are $0.01638 and $0.01789, respectively. Trading volume increased by 37% in the last 24 hours.
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