According to the Binance official $LUNC
support page, the crypto #exchange has changed the Burning of #TerraLunaClassic (LUNC) trading fees. The changes aim to enhance burns âto contribute to the supply decrease of LUNC.â The monthly LUNC burns are scheduled to be completed by Wednesday, October 2, 2024, at the latest.
Binance LUNC burns have always been bullish catalysts for the LUNC price. Since May 13, 2022, the crypto exchange has burnt 64.47 billion LUNC and 4.38 million $USTC
.
Meanwhile, the community has been working on more ways to eliminate the humongous supply and repeg #USTC to $1. The most recently passed proposal of burning USTC tokens from wallets linked to the Mirror Protocol that have been inactive since the May 2022 crash.
Additionally, a correlation has emerged between the FTX token ($FTT
) and LUNC price action today, as there are rumors of FTX distributing $1.6 billion to creditors today. However, this is unconfirmed and pending court approval on October 7.
Analysts think that with #FTX's starting back again, there is a chance that USTC could repeg to $1, which will automatically influence the LUNC price to surge higher.
