Binance crypto exchange has burned 5.57 billion Terra Luna Classic (LUNC) tokens in its 17th batch of the LUNC burn mechanism.
This action contributes to a significant portion of the total tokens burned by the Terra Luna Classic community, signaling a promising start to the new year.
Following Binance’s recent LUNC burn, the prices of USTC and LUNC, two tokens in the Terra Classic ecosystem, increased by more than 7%. This increase reflects positive market sentiment as the community looks forward to the new year.
The 17th batch of the LUNC burn mechanism took place between November 30th and December 30th. Binance’s total Terra Classic token burn on LUNC spot and margin trading pairings has now reached 49.17%, highlighting the exchange’s significant role in reducing token supply.
Binance’s recent burn contributes to the community-driven initiative, with the exchange accounting for more than 49 billion LUNC tokens, or 53% of all tokens burned.
The community’s collective efforts, as well as Binance’s active participation, have contributed to a reduction in the circulating supply of LUNC.
Increased trading activity, fueled by the introduction of a USTC perpetual contract and new USTC and LUNC trading pairs on Binance and other exchanges, contributed significantly to the increase in the burn rate.
Terra Luna Classic (LUNC) and USTC prices have risen as a result of the overall market upswing and Binance’s proactive burn mechanism.
