- Binance successfully conducted the 15th burn of Terra Luna Classic (LUNC) tokens, eliminating 760 million from circulation and bringing the total burnt by the exchange to nearly 40 billion.
- Following the token burn, the LUNC and USTC prices experienced a downturn, aligning with a broader market pullback, while the community contemplates requesting a burn of USTC alongside LUNC.
In an assertive move to reduce the circulating supply of Terra Luna Classic (LUNC), Binance, the world’s leading crypto exchange, has annihilated a staggering 760 million tokens. This marks the 15th installment in their comprehensive LUNC burn campaign, elevating the total number of tokens burnt by Binance close to the 40 billion mark.
The Market Reacts: Price Movements and Community Response
Crucial to note is that this token obliteration endeavor encapsulates transactions from September 30 to October 30, 2023. Cumulatively, Binance has now removed nearly 40 billion Terra Classic tokens from existence, accounting for trading fees generated from LUNC spot and margin trading pairs.
Reflecting on the previous month’s activity, Binance had incinerated 1.01 billion Terra Luna Classic (LUNC) tokens. However, this recent operation has witnessed a noticeable deceleration in the burn rate. The diminished activity is attributed to a concoction of factors including prevalent Fear, Uncertainty, and Doubt (FUD), a tapering of developer engagement, and a decrease in LUNC’s trading volumes on the exchange.
The Terra Luna Classic community, demonstrating resilience and commitment, has collectively burnt over 76 billion LUNC tokens, taking the reins of the chain’s destiny post the 2022 Terra-LUNA crisis. Despite a reduction in Binance’s LUNC burn to below 1 billion for the second consecutive time, the community has expressed gratitude towards Binance and its CEO, CZ, for their sustained participation in the burn campaign.
Simultaneously, discussions are surfacing within the community regarding the potential inclusion of USTC in Binance’s burn initiatives. It is pertinent to recall that in the preceding year, Binance had adjusted its burn contribution, reducing it from 100% to 50% of LUNC spot and margin trading fees.
In tandem with these developments, the LUNC and USTC prices have witnessed a contraction, influenced by a wider market downturn and profit-taking strategies employed by investors. LUNC’s price dipped by 5%, currently hovering around $0.000062, while USTC experienced a 4% drop, trading at approximately $0.011. Notably, there has been a slight uptick in trading volume for USTC in the past 24 hours, adding a layer of complexity to the unfolding narrative.
As the Terra Luna Classic ecosystem navigates these turbulent waters, the crypto community remains vigilant, awaiting the next chapter in this saga of rejuvenation and strategic maneuvering.