Binance Continues Terra Luna Classic Burn Initiative, LUNC and USTC Prices Rally As Burn Activity Fuels Optimism
- DDDOriginal
- 2024-10-02 10:10:14384browse
The world's largest crypto exchange Binance has burned 1.14 Terra Luna Classic tokens in the 26th batch of LUNC burn mechanism. This move has sparked optimism, as evidenced by the surge of over 10% in LUNC and USTC prices.
Binance Burns 1.14 Billion LUNC Tokens, Sparking 10% Price Surge In LUNC, USTC
World’s largest crypto exchange Binance burned 1.14 billion Terra Luna Classic (LUNC) tokens in the 26th batch of the LUNC burn mechanism, sparking optimism among investors.
The move comes as a response to the Terra Classic community’s proposal to burn 25% of all on-chain swap fees to decrease the LUNC circulating supply. Binance has been a major participant in this initiative, burning over 64 billion LUNC tokens through September.
Binance’s role in burning LUNC tokens is significant as it helps reduce the cryptocurrency’s total supply, which could boost its price as demand rises. The exchange’s sustained efforts have made it the largest contributor to the LUNC burns.
Meanwhile, the burning activity has fueled market optimism, leading to a rally in both LUNC and USTC prices. During press time, LUNC price trades at $0.00009723, after touching a high of $0.00009944 in the last 24 hours.
At the same time, USTC price trades at $0.02433, while its trading volume jumps 65% to $93.54 million. Notably, the crypto has touched a high of $0.02535 in the last 24 hours, indicating growing market confidence in the cryptocurrency.
Recently, a LUNC price analysis hinted at a potential 40% rally following the latest Binance burn. As the exchange continues to burn LUNC tokens, the upcoming months could see a further rally in the cryptocurrency’s price.
As reported by Binance, the 26th batch of the LUNC burn initiative saw a total of 1,142,098,248.09 LUNC tokens burned. The exchange highlighted that this reflects their commitment to the Terra Luna Classic community, which has sparked optimism in the market.
LuncLive validator owner, Mr. Diamondhandz, pointed out Binance’s contribution on social media platform X, thanking Binance CEO Changpeng Zhao and his team. He said, “Binance burned 1,142,098,248.09 LUNC for their monthly burn! Thank you CZ and company for supporting the LunaClassic community since 2022! LUNC to the moon!” His statement reflects the community’s optimism and ongoing support for the revival of the Terra Classic ecosystem.
Binance has played a key role in supporting the LUNC ecosystem, burning over 64 billion tokens through September. The LUNC burn mechanism is crucial to decreasing token supply, which in turn, could boost its price as demand rises. The world’s largest crypto exchange has been the biggest contributor to the LUNC burns.
Binance has increased its frequency of burns in recent months. In September alone, the exchange performed the LUNC burn six times, a significant jump from its previous once-a-month schedule. This revised approach has led to speculation within the Terra Luna Classic community that Binance may be ramping up its commitment to reviving the token’s value.
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