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Binance LUNC consumption exceeds 59 billion after the latest Terra Classic token burning
Cryptocurrency exchange Binance burned another bundle of Terra Luna Classic (LUNC) tokens this week, according to a transaction revealed by LUNC Burn Tracker. With Binance’s latest burn, the total LUNCs burned by the cryptocurrency exchange has reached over 59 billion.
Binance burns additional LUNC tokens
Cryptocurrency exchange Binance burns additional Terra Luna Classic (LUNC) tokens every month, which are not part of Binance’s monthly LUNC burning mechanism. Binance has sent additional LUNC tokens to the burn wallet, as per a transaction on May 23.
Binance burned 1.4 billion Classic Land Tokens in the 21st batch of the LUNC burning mechanism in early May. After the latest burn by Binance, the cryptocurrency exchange’s total LUNC burned to date has surpassed 59.07 billionequal to 51.9% of the total LUNCs burned by the community.
The total LUNC tokens burned by the Terra Luna Classic community has reached over 113.71 billion. Binance continues to support the community for the revival of Terra Luna Classic from 2022 via its LUNC monthly burning mechanism.
Read also: Terra Luna Classic IBC proposal officially approved, LUNC price increasing
LUNC and USTC price performance amid a market-wide sell-off
Cryptocurrency market we saw broader retracements in the US as whales and investors sold their holdings, considering a similar sell-off seen soon after the SEC’s spot approval of the Bitcoin ETF in January.
Price MON fell 3% in the past 24 hours, paring most of this week’s gains. The price is currently trading at $0.0001131, with a 24-hour low and high of $0.0001094 and $0.0001179, respectively. Additionally, trading volume declined after Wednesday’s massive 231% jump.
In the meantime, USTC price it too fell 4% in the last 24 hours as traders and investors booked profits. The price is trading at $0.02289, with a 24-hour low and high of $0.02128 and $0.02378, respectively.
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Varinder has 10 years of experience in the Fintech industry, with over 5 years dedicated to blockchain, cryptocurrency and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000 news stories, articles and documents. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the cryptocurrency industry.