Binance Takes Bold Step: 1.41 Billion LUNC Tokens Burned in 12th Round!

Bombolo | News and Media

In a significant move, Binance, the world's leading cryptocurrency exchange, has undertaken the 12th batch of its LUNC burn mechanism, destroying a massive 1.41 billion Terra Luna Classic (LUNC) tokens. This strategic step is aimed at reducing the total circulating supply of LUNC, and it takes the overall burned LUNC tokens by the community to an impressive 71.5 billion.

Also Read:  Terra Luna Classic's Bold Move to Burn 800 Million Tokens and the Quest for $1 LUNC and USTC

The LUNC Burn Saga Continues

On the 1st of August, Binance executed the 12th batch of the LUNC burn mechanism, sending 1.41 billion LUNC tokens to the burn address. This move was not only intended to lower the circulating supply but also to generate positive momentum for the token's value. The transaction also involved a transaction fee of 7.06 million LUNC.

The previous month witnessed the 11th batch of the LUNC burn mechanism, wherein Binance successfully burned almost 37 billion Terra Luna Classic tokens. This remarkable achievement was made possible through the trading fees generated from LUNC spot and margin trading pairs.

Also Read:  Terra Classic (LUNC) Price Poised for 400% Surge - Time to Invest?

LUNC Burn Rate Accelerates

July turned out to be a significant month for the Terra Luna Classic community, as they collectively burned an additional 2.65 billion LUNC tokens. The increased burn rate can be attributed to the positive sentiment surrounding several developments, including the much-talked-about parity upgrade, professor Edward Kim’s AI app chain Block Entropy, and the USTC repeg plan.

With the recent milestone of surpassing 70 billion LUNC tokens burned, the LUNC burn narrative remains vibrant within the community. Furthermore, there is more to look forward to, as an additional 800 million USTC is set to burn from Ozone Protocol.

Also Read: The Price of Terra Luna Classic (LUNC) Shows Resilience Amid Market Volatility

Will Binance's LUNC Burn Generate the Desired Momentum?

As the 12th batch of the LUNC burn mechanism concludes, the question on everyone's mind is whether this strategic move by Binance will result in the much-needed upward momentum for Terra Luna Classic's price.

Recent events, including Judge Rakoff's decision to deny Terraform Labs and Do Kwon's motion to dismiss the US SEC lawsuit based on Judge Torres’ ruling as precedent, led to a decline in the prices of Terra ecosystem tokens. LUNA experienced a 5% drop, while LUNC and USTC saw declines of 2% and 7%, respectively. These declines brought the token prices below important support levels, raising concerns among investors.

However, all hope is not lost. CoinGape Markets suggests that LUNC's price might bounce back above the $0.00009 support level, pointing to a triangle pattern formation. Presently, LUNC is trading at $0.0000796, while USTC is trading at $0.014.

Binance's 12th batch of LUNC burn, burning 1.41 billion LUNC tokens, marks another significant step in reducing the circulating supply of Terra Luna Classic tokens. With the community actively participating in the burn mechanism, the narrative of token burn continues to drive positive sentiment. As the ecosystem faces challenges in the wake of the SEC lawsuit, the potential for upside momentum remains, and all eyes are on LUNC's recovery.

Also Read: Token Recovery and the Journey to $1: Terra Luna Classic L1TF's Ambitious Plan Unveiled

FAQs

1. What is the LUNC burn mechanism?

   The LUNC burn mechanism is a strategic move undertaken by Binance, where a large number of Terra Luna Classic (LUNC) tokens are sent to the burn address, effectively reducing the circulating supply and potentially influencing the token's value.

2. How many LUNC tokens have been burned so far?

   As of the 12th batch of the LUNC burn mechanism, Binance has burned 1.41 billion LUNC tokens, and collectively, the Terra Luna Classic community has burned over 71.5 billion LUNC tokens.

3. What factors contributed to the increased burn rate?

   The burn rate increased due to positive sentiment surrounding developments such as the parity upgrade, professor Edward Kim’s AI app chain Block Entropy, and the USTC repeg plan.

4. Is there hope for LUNC's price recovery?

   CoinGape Markets suggests that there is hope for LUNC's price recovery, with the possibility of bouncing back above the $0.00009 support level due to a triangle pattern formation.

5. What is the current trading price of USTC?

   As of now, USTC is trading at $0.014.