Binance Burns Over $59B Terra Luna Classic (LUNC) Tokens

LUNC and USTC prices dropped amid a wider crypto market selloff, with LUNC down 2.45% to $0.0001134 and USTC falling 3.66% to $0.02274 in 24 hours.

The largest cryptocurrency exchange globally, confirmed an extra burn of Terra Luna Classic (LUNC) tokens, surpassing 59 billion tokens, as reported by LUNC Burn Tracker on May 23.

Binance regularly burns LUNC tokens, separate from its monthly mechanism. In early May, they burned 1.4 billion tokens, now totaling 59.07 billion, which is 51.9% of the community’s total burned tokens at 113.71 billion.

The broader crypto market saw a selloff, affecting LUNC and USTC prices. LUNC dropped 2.45% in 24 hours to $0.0001134, while USTC fell 3.66% to $0.02274. Trading volumes also fluctuated, notably increasing by 231% recently.

Investors responded to market shifts, mirroring past selloffs after SEC approvals, highlighting Binance’s continuous backing of Terra Luna Classic since 2022 as a sign of its commitment to community resurgence.

Also Read: Binance Executive Collapses in Court Amid Money Laundering

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