LUNC Price Suddenly Jumps 11% as Billions of Tokens Are Burned
Terra Classic (LUNC) suddenly jumped nearly 13% on Dec. 2 as the community received the results of Binance's sixth batch of burns with excitement.
🔥 #Binance just burned 6.4 BILLION $LUNC!?— Classy 👾 (@ClassyCrypto_) December 1, 2022
Retweet to spread the word! 🔥🔥🔥 pic.twitter.com/rp37RoNmDi
As of this writing, LUNC was up 12% in the last 24 hours at $0.00018, and likewise up 14% in the past week. This is quite significant, as most cryptocurrencies recorded minimal gains or even losses in the last 24 hours.
The recent price increase also coincided with a 290% jump in trading volume as traders attempted to capture profits from the recent volatility. LUNC has also reclaimed a $1 billion market cap, as it now ranks as the 39th largest cryptocurrency according to CoinMarketCap data.
After announcing its fifth batch of burns, Binance said it was going to be publishing its results monthly rather than weekly. The wait triggered expectations in the community, which waited to hear that billions of tokens had been burned.
TerraClassic USD (USTC) was also up 8% at $0.02. Notably, USTC trading volumes also spiked by 208% as traders swooped in on the recent volatility.
Binance burns 6.38 billion LUNC
On its website, the top cryptocurrency exchange, Binance, has published the results of its sixth batch of burns.
According to the data updated on its website, LUNC tokens worth $1,189,861, or 6,389,199,628 LUNC, were sent to the burn address. This covers total trading fees on LUNC spot and margin trading pairs between Oct. 30 and Nov. 29, with the 0.2% tax applied.
In October, the Terra Classic community approved proposal 5234, which reduces the 1.2% tax burn to 0.2% and keeps another 10% as tax revenue for the ecosystem's infrastructure and contributors.
Binance is scheduled to publish the details of its next batch of burns, the seventh one, on Jan. 2, 2023.
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