Giant crypto exchange Binance burned 1.27 billion LUNC coins! With this move, the total LUNC burn of the Terra Luna Classic community has reached almost 55 billion. The LUNC coin burning, which totaled 31.83 billion, caught the attention of investors! here are the details…
A critical move came from the giant cryptocurrency exchange for this altcoin!
Giant cryptocurrency exchange Binance has sent 1.612 billion Terra Luna Classic (LUNC) coins to the burn address, contributing to the reduction of the LUNC circulating supply in the last burn. This transaction also came with a transaction fee of 2.53 million LUNC. This move of Binance in the 9th batch of the LUNC burn mechanism, which took place between March 31 and April 29, 2023, caught the attention of the altcoin community. Binance’s total LUNC burn is over 31.83 billion in spot and margin trading fees.
On the other hand, the decrease in Binance’s LUNC burn rate is due to the decrease in spot and market trading volume in April. Terra Classic has witnessed an overall decrease in burn rate as contributions to the LUNC burn campaign have decreased. The exchange’s burning of 50 percent of LUNC spot and margin trading fees instead of 100 percent also resulted in lower LUNC burn rates.
On the other hand, as quoted by cryptokoin.com, Binance burned 1.6 billion LUNC tokens last month. In addition, Binance made the official return of Binance LUNC burns this year, burning 8.85 billion Terra Luna Classic (LUNC).
However, the Terra Classic community is primarily focused on increasing the return benefit to the chain. The new Joint L1 Task Force dev group follows in the footsteps of core developers Edward Kim and Tobias “Zaradar” Anderson, who left the developer group last month. The developer group is targeting major updates in May, including the Cosmwasm v1.1.0 upgrade (parity) on May 31, which will allow projects and builders in Cosmos and Terra Luna 2.0 to build on the Terra Classic chain once again.
So what will the LUNC price be?
Although the community aims to revive the LUNC and USTC price to $1 levels, the community needs months of nonstop work to reach the target. As per the Terra Classic Revival Roadmap, developments are still at an early stage. In the last 24 hours, LUNC price has lost 3 percent and is momentarily trading at $ 0.000107, and the highest and lowest values in the last 24-hour period are at $ 0.000112 and $ 0.000106, respectively. Despite this, the trading volume has been on the rise in the last 24 hours.
On the other hand, the price continues to trade below the key $0.00012 support level. According to experts, LUNC price will remain under pressure until the price breaks above support.
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