Binance Burns Terra Luna Classic Tokens, Why Is LUNC Price Down?
The post Binance Burns Terra Luna Classic Tokens, Why Is LUNC Price Down? appeared on BitcoinEthereumNews.com.
The world’s largest crypto exchange Binance made a mid-month burn of Terra Luna Classic tokens on Thursday. While the community eyes the Common InterChain Summit to hear important developments regarding LUNC and USTC, prices continues to remain low. Binance Sends More LUNC Tokens to Burn Address Crypto exchange Binance has burned Terra Luna Classic tokens for the 5th time this month. It sent more than 24,853 LUNC tokens to the burn address, as per a transaction on June 19. With the latest burn, Binance has burned in total 498.6 million LUNC this month. Also, the net total burn by the crypto exchange to date has reached 73.04 billion tokens. This represents 17.8% of the total LUNC burned by the community. Notably, the Terra Luna Classic community has burned 411.17 billion Terra Classic tokens to date. Over 383 million tokens were burned in the last 7 days, with a massive 200 million LUNC burned on Wednesday. This marks one of the largest single-day burns in recent weeks, pushing the total circulating supply down to 6.49 trillion LUNC. Total LUNC Supply | Source: StakeBin The Cosmos InterChain Summit is scheduled to be held in Berlin, Germany on June 20-21. Many key members, including developers, from the Terra Luna Classic community are expected to attend the event. Also, the community could hear about important developments regarding the Terra and Terra Classic chains. The proposal by validator Vegas to reactivate the market module will be closely monitored by the Terra Classic community. The depletion of the oracle pool has become a concern for the community. It has dropped from 115 billion to 69 billion LUNC tokens in a year timeframe. Why LUNC Price Continues to Drop? LUNC price has jumped nearly 0.5% in the past 24 hours, with the price trading at $0.00005718. The…
