Binance has burned 1.14 billion Terra Luna Classic (LUNC) tokens, causing a 10% price surge in LUNC and USTC. This burn has reignited hopes for a revival of the Terra Luna Classic ecosystem.
Binance Continues LUNC Burn Initiative
The world’s largest crypto exchange, Binance, has once again shown its commitment to the Terra Luna Classic community. By burning over 1.14 billion LUNC tokens in its 26th burn batch, Binance has bolstered investor confidence. The result? A 10% rise in both LUNC and USTC prices, signaling optimism in the market.
LuncLive validator owner, Mr. Diamondhandz, took to social media platform X to express his appreciation for Binance CEO Changpeng Zhao, stating, “Binance burned 1,142,098,248.09 LUNC! Thank you CZ and company for supporting the LunaClassic community since 2022!” This gratitude highlights the community’s ongoing belief in the potential revival of the Terra Luna Classic ecosystem.
Binance’s Key Role in the LUNC Ecosystem
Since 2022, Binance has been a crucial supporter of LUNC, burning over 64 billion tokens as of September. The LUNC burn mechanism is a vital part of reducing the token’s supply, which could lead to price growth as demand increases. Binance remains the largest contributor to LUNC burns, further cementing its role in the token’s recovery.
LUNC and USTC Prices Rally on Burn Optimism
Binance has ramped up its burn frequency in recent months, completing six burns in September alone. This increased activity has fueled speculation within the Terra Luna Classic community that Binance is intensifying its efforts to revive LUNC’s value. The burn mechanism has led to a rally in both LUNC and USTC prices, reflecting growing market optimism.
At the time of writing, LUNC is trading at $0.00009723, after hitting a 24-hour high of $0.00009944. Similarly, USTC is priced at $0.02433, with trading volume spiking by 65% to $93.54 million. USTC even touched a high of $0.02535 within the last 24 hours, further indicating renewed market confidence. Analysts also predict a potential 40% rally in LUNC following Binance’s latest burn.
