Binance’s total LUNC burn rises to over 59 billion after latest Terra Luna Classic token burn. Will LUNC and USTC prices recover on dip buying?
Cryptocurrency exchange Binance destroyed another pack of Terra Luna Classic (LUNC) tokens this week, according to transactions revealed by LUNC Burn Tracker. With Binance’s latest destruction, the total amount of LUNC destroyed by the cryptocurrency exchange has exceeded 59 billion.
Binance destroys more LUNC tokens
Cryptocurrency exchange Binance has been destroying additional Terra Luna Classic (LUNC) tokens each month that were not part of Binance’s monthly LUNC burn mechanism. According to a transaction on May 23, Binance sent additional LUNC tokens to the burn wallet.
Binance destroyed 1.4 billion Terra Classic in the 21st round of LUNC destruction in early May. After this destruction, the total amount of LUNC destroyed by Binance has exceeded 59.07 billion, accounting for 51.9% of the total LUNC destroyed by the community.
The Terra Luna Classic community has destroyed more than 113.71 billion LUNC tokens. Binance has continued to support the community's revival of Terra Luna Classic through a monthly LUNC destruction mechanism since 2022.
LUNC and USTC share price performance amidst the general market sell-off
The cryptocurrency market saw a wider retracement during the U.S. trading session as big money investors and investors dumped their cryptocurrency holdings, considering a similar sell-off that occurred immediately after the U.S. Securities and Exchange Commission approved a spot Bitcoin ETF in January this year.
LUNC prices have fallen 3% in the past 24 hours, giving up this week's gains. The current price is $0.0001131, with a 24-hour low and high of $0.0001094 and $0.0001179, respectively. In addition, trading volume has declined after a sharp increase of 231% on Wednesday.
Meanwhile, the USTC price also fell 4% in the past 24 hours as traders and investors took profits. The price was traded at $0.02289, with the 24-hour minimum and maximum being $0.02128 and $0.02378 respectively.
If you want to know more about the cryptocurrency world and get first-hand cutting-edge information, click on my avatar to follow me. I will publish market analysis and recommendations on high-quality potential currencies every day.
