Terra Luna Classic Reaches 100 Billion LUNC Burn Landmark, LUNC Price Jumps 10%

Terra Luna Classic community’s campaign to reduce LUNC supply through token burn has hit the 100 billion LUNC landmark. The world’s largest crypto exchange Binance has contributed immensely to LUNC burn with its monthly LUNC burn mechanism, accounting for over 51% of the total LUNC burned by the community.

The community currently awaits Binance’s 19th batch of LUNC burn mechanism on March 1 to kick start another LUNC rally from the landmark 100 billion LUNC burn.

Terra Luna Classic Clinches 100 Billion LUNC Burn Milestone

Terra Luna Classic burn campaign has now smashed the 100 billion LUNC milestone in a coordinated effort by crypto exchanges, validators, projects, and community members. The community on average has burned 400 million LUNC every week in February, the burn rate has increased quite significantly since November.

Binance accounts for over 51% of the total LUNC burn by sending billions of tokens to the burn address as part of its monthly LUNC burn mechanism. Until now, Binance has burned 52 billion Terra Luna Classic (LUNC) tokens. The crypto exchange burned 2.1 billion Terra Classic (LUNC) tokens in the 18th batch of the LUNC burn mechanism.

LUNC token circulating supply is 5.78 trillion and the total supply is 6.81 trillion. As the bull market picks pace, LUNC community has started working to boost utility, funding, and chain developments to support the increase in LUNC burn rate.

Read More: Terra Classic Finds Utility, Will LUNC and USTC Price Rally $1 Ahead?

LUNC and USTC Prices Rally

Terra Luna Classic and USTC prices jumped amid a broader market rally that saw Bitcoin almost hit $64K. Also, LUNC, 1000LUNC, and USTC positions were liquidated over the last 24 hours, bringing an upside momentum to tokens.

LUNC price jumps 10% in the last 24 hours and 45% this month, with the price currently trading at $0.000143. The 24-hour high and low are $0.000114 and $0.000155, respectively. Moreover, trading volume has increased by 245% in the last 24 hours, indicating high interest among traders.

Meanwhile, USTC price fell 1% in the last 24 hours after a 42% rally in a month, with the price currently trading at $0.0365. Trading volume has increased by 58% in the last 24 hours, indicating interest among traders.

Also Read: Spot Bitcoin ETF Notes Largest Net Inflow of $673 Million on Supply Shock

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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.

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