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HomeNewsLUNC Burn Campaign: Binance Wallets Lead 222 Million Token Removal Effort

LUNC Burn Campaign: Binance Wallets Lead 222 Million Token Removal Effort

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  • Despite the burn, LUNC’s price dipped 1% to $0.0001039 as Bitcoin prices fell more than 10% that day.
  • TerraClassicUSD (USTC) also dropped 3%, but trading volume jumped 190%, showing continued interest in the token.

On May 8, a large-scale burn of Terra Luna Classic (LUNC) tokens occurred through 16 wallet-to-wallet transactions, resulting in the removal of 222 million tokens from circulation.

These transactions led to a total daily burn of over 275 million LUNC, generating conversation within the community due to the quantity involved.

Some observers suggest that Binance, managed all 16 wallets involved in the burn. The transactions moved 50 billion LUNC tokens between wallets within minutes. StakeBin, a platform that analyzes blockchain data, noted that 239 million tokens were burned in an hour, suggesting a coordinated approach.

Historically, Binance has been the largest contributor to LUNC burning, recently removing 1.4 billion tokens through its 21st batch. The exchange has eliminated over 59 billion LUNC tokens in total via these burns.

LUNC_1D_graph_coinmarketcap

Despite this burn event, LUNC’s value decreased by 1% to $0.0001039 in a single day, as Bitcoin prices declined by more than 10%. During that time, LUNC’s highest and lowest prices were $0.0001096 and $0.0001020, respectively. However, trading volume increased by 123%, indicating high interest among traders.

Meanwhile, TerraClassicUSD (USTC), a stablecoin tied to LUNC, also saw a decline in value. The token fell 3% in 24 hours to $0.0206. Trading volume surged by 190%, suggesting that traders remain active with USTC despite the price drop. The highest and lowest prices for USTC over the same period were $0.0232 and $0.02043.

USTC_1D_graph_coinmarketcap

These developments have prompted conversations within the Terra Luna Classic community about their impact on the token’s future value and market position. The burn activity reflects a clear effort to increase stability and stimulate the network, but the market remains uncertain about how reducing the token supply will affect prices in the long term.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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