Binance Burns 760 Million LUNC Tokens
Binance, a top crypto exchange, has burned many Terra Luna Classic tokens. This could affect token prices, with LUNC and USTC both dropping recently.
Binance, a big crypto exchange, has burned 760 million Terra Luna Classic (LUNC) tokens. This is the 15th time they have done this. Now, Binance has burned about 40 billion LUNC tokens in total. People think this might make the token's price go up.
From September 30 to October 30, 2023, Binance burned a lot of LUNC tokens. They have burned nearly 40 billion tokens from trading fees. Last month, they burned over 1 billion tokens. But now they burn fewer tokens because there's less trading.
The Terra Luna Classic group has burned over 76 billion LUNC tokens since 2022. Some people complained that Binance burned less than 1 billion tokens again.But many are glad that Binance is helping.
Prices for Terra Luna Classic tokens, LUNC and USTC, have gone down. In one day, LUNC price dropped 5% and now costs $0.000062. USTC price fell 4% and now costs $0.011. But, more people are trading USTC now than before.
Below is a chart showing LUNC's Price movement in the past 30 days https://coinpaprika.com/coin/luna-terra/
