Terra Luna Classic (LUNC) Token Burn Approaches 100 Billion as Binance Destroys 2.1 Billion Tokens - A Game-Changing MilestoneIn the latest development, Binance executed its 18th batch of Terra Luna Classic (LUNC) token burns, incinerating a substantial 2.1 billion tokens. This brings Binance's cumulative LUNC token burn to an impressive 51.27 billion, reflecting a significant effort to reduce the circulating supply. Notably, the ongoing LUNC burn campaign, involving the community, crypto exchanges, validators, and projects, is on the verge of reaching the noteworthy 100 billion LUNC milestone.Throughout January, the burn rate surged, with Binance torching 5.57 billion Terra Luna Classic (LUNC) tokens. This spike in burning activity coincided with heightened LUNC trading volumes on the exchange. The introduction of a USTC perpetual contract and additional trading pairs for USTC and LUNC further fueled the demand for these tokens. As a result, the Terra Luna Classic community collectively burns an average of 600 million LUNC tokens per week in their collaborative effort.Despite the robust burning initiatives, the Terra Luna Classic ecosystem faces challenges as LUNC and USTC prices remain under pressure. Over the last 24 hours, LUNC experienced a 7% decline, trading at $0.00009444. Concurrently, USTC displayed sideways movement, with a current price of $0.02409. Traders witnessed liquidation in LUNC, 1000LUNC, and LUNA longs, indicating a prevalence of shorting activities. The community, however, maintains a bullish outlook on LUNC, anticipating a potential surge to local highs amid expectations of a broader market recovery and the upcoming Bitcoin halving.
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