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LUNC | USTC: Terra Luna Classic Burn Hits 85 Billion Milestone Amid Massive LUNC & USTC Rally – CoinGape

The Terra Luna Classic community has burned 85 billion LUNC since May 18, 2022. This is another milestone in the community's efforts to reduce the circulating supply of LUNC. Binance, the world's largest cryptocurrency exchange, has contributed a total of approximately 43.6 billion LUNC writes, contributing over 51% of total LUNC writes to date.

The circulating supply of LUNC tokens is 5.83 trillion, and the total supply is 6.82 trillion LUNC. However, the community needs to increase the utility to increase the burn rate of LUNC.

Total LUNC burn reaches 85 billion milestone

Terra Luna Classic is managed by community-approved developers and trusted validators and members after Do Kwon separated the chain from TFL.

The Terra Luna Classic write-in campaign has reached the 85 billion LUNC milestone with crypto exchanges, validators, projects, and members writing LUNC by sending to write-in addresses. An average of 200 million LUNC is written to this community every week, and Binance transfers billions of dollars to writing addresses every month.

Binance burned approximately 4 billion Terra Luna Classic (LUNC) tokens in the 16th batch of LUNC burns on December 1st. The total amount of LUNC burned by cryptocurrency exchanges so far has reached 43.6 billion.

This massive burn occurred amid an increase in LUNC spot and margin trading volumes after Binance and other exchanges launched the USTC perpetual contract and listed a new USTC and LUNC pair. .

read more: Terra Luna Classic L1TF v2.3.2 upgrade completed successfully, will LUNC price increase?

LUNC and USTC prices under pressure

Despite the overall crypto market recovery, LUNC and USTC prices remain under pressure. Investors continue to take profits due to low trading volume in recent days.

LUNC price has fallen over 2% in the past 24 hours and is currently trading at $0.00019. The 24-hour low and high prices are $0.000196 and $0.000208, respectively. Trading volume has decreased by 20% in the past 24 hours.

Meanwhile, USTC price was trading at $0.0437, down more than 2% in 24 hours. The 24-hour low and high prices are $0.0434 and $0.0457, respectively.

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Varinder Singh

Varinder has 10 years of experience in fintech, with over 5 years dedicated to blockchain, cryptocurrency and Web3 development. A technology enthusiast and analytical thinker, he has shared his knowledge about disruptive technologies in his more than 5,000 news, articles, and papers. Together with CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He currently covers all the latest information and developments in the cryptocurrency industry.

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