Crypto giant Binance has burned over 1 billion Terra Luna Classic (LUNC) tokens in its latest burn, part of the 27th batch of the LUNC burn mechanism. With this transaction, the Terra Classic community has now burned nearly 137 billion LUNC tokens in total, fueling speculation about a potential price recovery.
Binance’s 27th LUNC Burn Fuels Community Hopes
In the November 1 transaction, Binance sent 1.048 billion LUNC tokens to the burn address, incurring 5.2 million LUNC in transaction tax costs. The latest burn of $95,073.99 covered trading fees from September 30 to October 30. Binance has now contributed nearly 66.66 billion LUNC tokens to the Terra Classic burn through its monthly mechanism, supporting community efforts to reduce token supply and revive LUNC’s value.
In the previous batch, Binance burned 1.14 billion LUNC tokens. Binance commits to burning 50% of spot and margin trading fees in LUNC each month to back Terra Luna Classic community recovery efforts.
Terra Classic Community Eyes Major LUNC Burns
In two years, the Terra Classic community has burned almost 137 billion LUNC tokens. Members are now hopeful for additional major burns, especially as Terraform Labs may be required to contribute as part of an ongoing bankruptcy court ruling.
LUNC and USTC Price Update
Following the latest burn, LUNC’s price fell by 8% over the last 24 hours, erasing last week’s gains in the wake of a broader crypto market selloff. Currently, LUNC is trading at $0.00008936, with daily highs and lows of $0.00008868 and $0.00009834, respectively. Terra Luna Classic’s trading volume has dropped by 50% over the past 24 hours, signaling fluctuating interest from traders.
Meanwhile, USTC dropped by over 10% in the past day but remains up by 1% for the week. USTC’s price currently sits at $0.0222, with trading volume similarly declining by 50% in the last 24 hours.
Could the Burns Drive a LUNC Price Rally?
As the Terra Classic community rallies around Binance’s consistent burn support, many investors are optimistic that sustained burn actions could fuel a recovery. The big question remains: Will Terraform Labs join the effort with a major burn, boosting LUNC’s value even further? Only time will tell, but the community remains hopeful as token supply reductions continue.
