Binance Exchange has increased LUNC burns this month to support the Terra Luna Classic community, resulting in a price rise.
Binance, a cryptocurrency exchange, has implemented the LUNC fire mechanism numerous times this month, which has sparked speculation within the Terra Luna Classic community. The exchange has been the most significant contributor, burning 64.47 billion LUNC to sustain the chain and price revival.
Has the Burn Mechanism of Binance LUNC been revised?
The LUNC burn data from Binance suggests that the crypto exchange has likely revised its LUNC burn mechanism, increasing the number of fires per month. The exchange fires Terra Luna Classic tokens on the first of each month, as indicated in a previous announcement. Nevertheless, the tokens were incinerated by the exchange six times this month.
This has prompted speculation, as Binance had previously reduced its Terra Luna Classic spot and margin trading fees to 50% from 100%. It even held off on transmitting the Terra Luna Classic trading fee burn contribution for months. However, this time, the exchange is burning more tokens.
In the 25th batch of the LUNC burn mechanism, Binance incinerated 1.19 billion LUNC tokens and $97,229.23 in trading fees from July 31 to August 29.
Until now, the exchange has torched 199,389 LUNC tokens in five transactions, in addition to the primary burn. Some Terra Luna Classic members think the exchange has altered how it burns the tokens.
Terra Luna Classic Ecosystem Tokens Increase in Value
The current price of LUNC is $0.00008557, which has increased by 3% in the past 24 hours and 7% in the past week. The 24-hour high and low are $0.00008188 and $0.00008622, respectively. Furthermore, the trading volume has shown a 16% increase in the past 24 hours, suggesting that traders are becoming more interested.
Recent data from Coinglass indicates that the open interest in 1000LUNC on Binance and Bybit has increased by over 5% in the past 24 hours. This suggests that derivatives traders are avidly purchasing cryptocurrency.
In the interim, the price of USTC has increased by over 2%, and it is currently trading at $0.0177. Additionally, there was a 72% increase in the trading volume over the past 24 hours. Traders are purchasing the decline, resulting in a 9% weekly increase.
