In the last 24 hours, Terra Luna Classic (LUNC) has seen some significant price movements. Currently, LUNC is trading at $0.000062, which marks a 5% decrease from its recent value. Over the same period, USTC has also experienced a notable price shift, now standing at $0.011, reflecting a 4% drop. Despite these fluctuations, USTC’s trading volume has seen a slight increase.
Terra Classic currently holds the 94th position with a market capitalization of around $375 million. There are nearly 5.7 trillion LUNC coins in circulation, but information about its maximum supply is still unknown. With a remarkable 12% surge in the past week, LUNC’s performance sparks discussions about whether the sell-off is over.
Binance’s 15th Burn: 760 Million LUNC Tokens
In a recent transaction on November 1, Binance, the world’s largest crypto exchange, executed its 15th batch of Terra Luna Classic (LUNC) token burns. This round involved 760.42 million LUNC tokens sent to the burn address. This initiative is part of an ongoing community-led effort to reduce the circulating supply of LUNC. Notably, this burn covers September 30 to October 30, 2023.
With this latest burn, the total number of LUNC tokens burned by Binance now approaches an impressive 40 billion. These tokens have been sourced from trading fees on LUNC spot and margin trading pairs. However, it’s worth noting that the burn rate has witnessed a noticeable decline recently, influenced by factors like FUD, reduced developer activity, and lower trading volumes of LUNC on the exchange.
Community’s Impact on Token Burning
The Terra crash was a significant setback for the crypto industry, erasing nearly $60 billion from market valuation. Market manipulators and mass liquidators were significant contributors to this disaster. While devastating for investors and marketers, it is a valuable lesson for future investors. Since taking the reins after the 2022 Terra-LUNA crash, the Terra Luna Classic community has played a pivotal role in token burning. Together, they have disposed of over 76 billion LUNC tokens, indicating a strong collective commitment to reducing the circulating supply.
Currently, the community is exploring the possibility of urging Binance to consider burning USTC alongside LUNC. This proposal comes after Binance’s previous adjustment of the burn contribution from 100% to 50% of LUNC spot and margin trading fees.