The world’s largest crypto exchange Binance has burned 1.14 Terra Luna Classic tokens in the 26th batch of LUNC burn mechanism. This move has sparked optimism, as evidenced by the surge of over 10% in LUNC and USTC prices. Besides, the latest LUNC burn frenzy by the leading exchange has also fueled investors’ sentiment, who are anticipating a further rally in the crypto’s price.
Binance Continues Terra Luna Classic Burn Initiative
In the latest move, the top crypto exchange Binance has burned 1.14 billion LUNC tokens. This reflects the exchange’s commitment to the Terra Luna Classic community, which has sparked market optimism. Besides, this substantial burn has pushed the prices of LUNC and USTC higher today by more than 10%, indicating a growing market confidence.
LuncLive validator owner, Mr. Diamondhandz, highlighted the importance of Binance’s contribution to social media platform X, expressing his gratitude to Binance CEO Changpeng Zhao and his team. He said, “Binance burned 1,142,098,248.09 LUNC for their monthly burn! Thank you CZ and company for supporting the LunaClassic community since 2022! LUNC to the moon!” His statement reflects the community’s optimism and ongoing support for the revival of the Terra Classic ecosystem.
Binance has played a key role in supporting the LUNC ecosystem, burning over 64 billion tokens through September. The LUNC burn mechanism is crucial to decreasing token supply, which in turn, could boost its price as demand rises. Binance’s sustained efforts have made it the largest contributor to the LUNC burns.
LUNC and USTC Prices Rally As Burn Activity Fuels Optimism
Binance has increased its frequency of burns in recent months. In September alone, the exchange performed the LUNC burn six times, a significant jump from its previous once-a-month schedule. This revised approach has led to speculation within the Terra Luna Classic community that Binance may be ramping up its commitment to reviving the token’s value.
The burning mechanism has fueled market optimism, sparking a rally in both LUNC and USTC prices. During writing, LUNC price traded at $0.00009723, after touching a high of $0.00009944 in the last 24 hours.
Simultaneously, the USTC price exchanged hands at $0.02433, while its trading volume jumped 65% to $93.54 million. Notably, the crypto has touched a high of $0.02535 in the last 24 hours, indicating the growing confidence of the market towards the crypto. In addition, a recent LUNC price analysis hints at a potential 40% rally following the latest Binance burn.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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