header banner
Default

Price increases as the Terra Luna Classic Community burns 76 billion LUNC tokens


The total LUNC burned by the Terra Luna Classic community reaches 76 billion, hitting another milestone in the community’s efforts to reduce the circulating supply of LUNC since May 18, 2022. The world’s largest crypto exchange Binance has burned almost 38.94 billion LUNC, contributing over 50% to the total LUNC burned until now.

LUNC token circulating supply is 5.80 trillion and the total supply is 6.83 trillion LUNC. However, the community still needs to increase utility to increase the LUNC burn rate.

Terra Luna Classic Burn Hits 76 Billion Milestone

VIDEO: Terra Luna Classic | Reverse Split and LUNC Burn Proposal Even LUNA Holders Get LUNC
ClayBro

Terra Luna Classic burn campaign reached the 76 billion LUNC milestone as crypto exchanges, validators, projects, and members burn LUNC by sending it to the burn address. The community burns on average 400 million LUNC per week, with Binance sending billions to the burn address as part of its monthly LUNC burn mechanism.

Binance burned over 1 billion LUNC tokens in the 14th batch of the LUNC burn mechanism on October 1, with the LUNC burned by the crypto exchange to date reaching over 38.81 billion.

The Terra Classic L1 Task Force (L1TF) developer group and the Quant USTC repeg team aim to focus on reducing the LUNC and USTC circulating supply in Q4. The developers aim to repeg USTC to $1, working with exchanges for its successful completion.

Recommended Articles

Meanwhile, the Terra Luna Classic community now has a community-owned Galaxy Station wallet and Galaxy Finder blockchain explorer.

LUNC and USTC Prices Soar

VIDEO: Terra Luna Classic | LUNC Burns Billions! They Already Want To Change The LUNC Tax
ClayBro

LUNC price jumped 2% in the past 24 hours, with the price currently trading at $0.000056. The 24-hour low and high are $0.0000550 and $0.0000570, respectively. Terra Luna Classic still trades below the $0.000060 support level after a recent selloffs amid uncertainty.

Meanwhile, USTC price trades at $0.010, up just 0.5% in the past 24 hours, but down more than 1% in a week. The trading volume has decreased in the 24 hours.

Also Read:

  • Crypto Market Selloff: Here’s Why Bitcoin, Ethereum, XRP, DOGE Falling Suddenly
  • Ripple Moves 60 Million XRP, What’s Happening?
  • Judge To Preclude Sam Bankman-Fried’s Defense On Anthropic Investments
  • Altcoin Market Rally: Ethereum, XRP and Cardano Lead the Show
  • Just In: Aave Suspends Ethereum and V3 Markets Amid Feature Issue Concerns
  • Nike-RTFKT NFT Universe Soars to $1.4 Billion in Trading
  • Ripple’s Chief Legal Eyes SEC Power Limit in Govil Ruling
  • Popular Analyst Predicts Bitcoin Price To Hit $50,000
  • Chainlink Price Prediction As Recovery Hits New Yearly High; Is $15 Next Target
  • Bitcoin Price Prediction: Will the $36000 Roadblock Trigger a Correction?
  • Highest Crypto Gainers of the Week; CAKE, EGLD, IMX Price Analysis
  • Ethereum Price Prediction: Distribution Phase at Key Resistance Hints 16% Drop
  • XRP Price Prediction: Can Buyers Overcome $0.62 Barrier or Is a Correction Looming?

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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.

Sources


Article information

Author: John Andersen

Last Updated: 1699208403

Views: 1299

Rating: 4.4 / 5 (42 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: John Andersen

Birthday: 1954-06-15

Address: 2210 Gina Prairie, Williamsland, NH 89285

Phone: +3624739149151056

Job: Article Writer

Hobby: Survival Skills, Skydiving, Reading, Coin Collecting, Meditation, Billiards, Crochet

Introduction: My name is John Andersen, I am a forthright, honest, artistic, Precious, exquisite, vibrant, striking person who loves writing and wants to share my knowledge and understanding with you.