As an experienced analyst with a background in cryptocurrency markets, I believe that Binance’s continuous burning of Terra Luna Classic (LUNC) tokens is a significant step towards supporting the growth of this ecosystem. The recent burn of 1.4 billion LUNC tokens by Binance, which adds up to over 59 billion cumulatively, demonstrates their commitment to the project.
Binance, the world’s leading cryptocurrency exchange, recently destroyed approximately 1.4 billion Terra Luna Classic (LUNC) tokens as part of its regular token burn event.
The total number of LUNC tokens burned by Binance surpassed 59 billion, while the Terra Luna Classic community itself burned over 113 billion tokens. Since 2022, Binance has been an active supporter of this project.
I analyzed the recent transaction history and noticed that Binance added 56,911 LUNA Terra Classic tokens to the burn address, following their previous actions in the past months. For example, they burned approximately 4.17 billion tokens in May. These tokens will be immediately incinerated along with those from spot and margin trading pairs, thereby increasing the total amount of tokens burned within the network.
As a researcher studying the cryptocurrency market, I’ve observed that while trading volumes and prices have been significantly impacted by recent downturns, the resilience of LUNC stands out. In fact, LUNC rates have surged by over 7.10% within the past day, reaching a current price of $0.0001109. Conversely, USTC has experienced a 5% increase, but its price remains undefined at this time.
The ongoing torchering of LUNC tokens by Binance symbolizes their unwavering backing for Terra Luna Classic. Consequently, this support fuels the expansion of Terra Luna Classic’s ecosystem even during market turbulence.
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2024-05-16 08:04