Binance Burns 1.35 Billion Terra Luna Classic Tokens: An Analytical Report -Part 1
As an introduction, let me state that Binance, the world's largest cryptocurrency exchange, has burned 1.35 billion Terra Luna Classic (LUNC) tokens in its 22nd batch of the LUNC burn mechanism. This move has pushed the total LUNC tokens burned by Binance to over 60 billion, accounting for more than 52% of the total LUNC burned by the Terra Luna Classic community. In this report, we will analyze the implications of this burn on the cryptocurrency market and the potential effects on the LUNC price.
Now, Lte's Take a Background Look!
The Terra Luna Classic community has been implementing a burn mechanism to reduce the hyperinflated LUNC token supply. The mechanism involves burning 1.2% of every LUNC transaction on the blockchain. Binance, in support of the community, has been burning a significant amount of trading fees on LUNC spot and margin trading pairs.
4 Things worth Remembering:
First, Binance burns 1.35 billion LUNC tokens:
This is the 22nd batch of the LUNC burn mechanism, and it brings the total LUNC tokens burned by Binance to over 60 billion.
Second, Net burn hits 60 billion:
The total LUNC tokens burned by the Terra Luna Classic community, including Binance's contribution, has surpassed 116 billion.
Third, LUNC price rallies 17%:
Despite the recent crypto market selloff, the LUNC price has rallied over 17% in the past month, trading at $0.000117.
Last, USTC price surges 36%:
The USTC price has skyrocketed over 36% in the past month, trading at $0.02367.
(To be continued in part 2)
