By TLDR
Binance burned 1.14 billion Terra Luna Classic (LUNC) tokens
LUNC and USTC prices surged over 10% following the burn
Binance has burned over 64 billion LUNC tokens through September
The exchange increased burn frequency to multiple times per month
A recent analysis suggests potential for 40% LUNC price rally
Binance, the world’s largest cryptocurrency exchange, recently burned 1.14 billion Terra Luna Classic (LUNC) tokens as part of its ongoing support for the LUNC ecosystem.
This move, which marks the 26th batch of LUNC burns by Binance, has led to a significant price increase for both LUNC and TerraClassicUSD (USTC) tokens.
Following the burn, LUNC and USTC prices jumped by over 10%, reflecting growing market optimism. At the time of writing, LUNC was trading at $0.00009723, while USTC reached $0.02433.
The trading volume for USTC also saw a notable increase of 65%, rising to $93.54 million.
Binance has been a major contributor to the LUNC burn initiative, having burned over 64 billion tokens through September.
The exchange recently increased its burn frequency from once a month to multiple times per month, with six burns conducted in September alone.
This change in approach has sparked speculation within the Terra Luna Classic community about Binance’s growing commitment to reviving the token’s value.
The LUNC burn mechanism aims to decrease the token supply, potentially boosting its price as demand increases.
UPDATE: 46,339,181 $USTC has been burned after $LUNC proposal #12138 passed.
This proposal took Mirror Protocol funds and burned them forever.
Stay tuned for more updates. #Crypto #Binance #LUNCcommunity pic.twitter.com/aR64VCysX6
— Mr. Diamondhandz1 (@MrDiamondhandz1) October 1, 2024
Binance’s continued efforts have made it the largest contributor to these burns, playing a crucial role in supporting the LUNC ecosystem since 2022.
Community members have expressed gratitude for Binance’s support. Mr. Diamondhandz, a LuncLive validator owner, thanked Binance CEO Changpeng Zhao and his team on social media platform X, saying,
“Binance burned 1,142,098,248.09 LUNC for their monthly burn! Thank you CZ and company for supporting the LunaClassic community since 2022! LUNC to the moon!”
The recent burn has not only affected LUNC and USTC prices but has also fueled investor sentiment.
A recent LUNC price analysis suggests the potential for a 40% rally in the near future, further adding to the positive outlook surrounding the token.
The Terra Luna Classic community continues to work towards reviving the ecosystem following its collapse in May 2022.
Binance’s ongoing support through token burns has been a significant factor in maintaining momentum and interest in the project.
The post Binance Burns 1.14 Billion LUNC Tokens: Price Impact and Community Response appeared first on Blockonomi.
Nermeen Nabil Khear