Crypto exchange Binance has ramped up its efforts to burn Terra Luna Classic (LUNC) tokens this month, igniting excitement in the Terra Luna Classic community. As the largest contributor to the LUNC burn initiative, Binance has already burned over 64.47 billion LUNC tokens in a bid to boost the token’s value and support its ecosystem revival.
Binance LUNC Burn Mechanism Sees Updates
Recent data shows Binance has likely revised its LUNC burn strategy, increasing the frequency of burns. Traditionally, Binance burned LUNC tokens on the first day of each month. However, this month, the exchange has already conducted six burns, leading to speculation within the community.
Earlier, Binance reduced its Terra Luna Classic spot and margin trading fees to 50% from 100%, delaying the burn contribution for several months. Despite this, the exchange is now burning more LUNC tokens than expected.
In the 25th batch of burns, Binance destroyed 1.19 billion LUNC tokens, equivalent to $97,229.23 in trading fees between July 31 and August 29. Additionally, Binance has burned another 199,389 LUNC tokens in five transactions so far this month. These changes have sparked rumors that the exchange has adjusted its burn mechanism.
Terra Luna Classic Token Prices Surge
The increased burn activity has had a positive impact on LUNC’s price. Over the past 24 hours, LUNC has risen by 3% and 7% over the week, currently trading at $0.00008557. The token hit a 24-hour high of $0.00008622 and a low of $0.00008188. Furthermore, trading volume has surged by 16%, indicating growing interest among traders.
Data from Coinglass shows that open interest in LUNC derivatives on Binance and Bybit has increased by 5%, reflecting a rise in active buying among traders.
In addition to LUNC’s gains, USTC, another token in the Terra Luna Classic ecosystem, has also seen a 2% price increase, now trading at $0.0177. USTC’s trading volume surged by 72% in the last 24 hours, with traders taking advantage of the dip and pushing the price up by 9% over the week.
