The introduction of a USTC perpetual contract and new USTC and LUNC trading pairs by Binance and other cryptocurrency exchanges has significantly boosted the token’s trading volume.
Binance executed a substantial burn of 3.90 billion Terra Luna Classic (LUNC) coins in December, leading to a remarkable surge in LUNC trade volume on the cryptocurrency exchange.
In the latest development, the world’s largest crypto exchange, Binance, sent 5.5 billion Terra Luna Classic (LUNC) to the burn address in the 17th batch of the LUNC burn mechanism.
With this recent burn, Binance has now eliminated over 49 billion Terra Classic tokens derived from trading fees on LUNC spot and margin trading pairs.
🚨 JUST IN: #Binance burns 5.57 billion #Terra #Luna Classic tokens contributing to a total of 93 billion $LUNC burned by the community as both $LUNC and $USTC have experienced a 7% increase. 🔥🚀
— CoinEcho (@mycoinecho) January 2, 2024
Terra Ecosystem Price Action To Watch
The burn event has sparked a positive momentum in the Terra Classic ecosystem, resulting in notable gains of up to 5% for its tokens, including LUNA, LUNC, and USTC in today’s trading.
This strategic move by Binance, involving significant token burns, showcases the exchange’s commitment to maintaining a balance in the Terra ecosystem and enhancing the value proposition of Terra-based tokens. Investors and traders are closely observing the market dynamics following this burn event, anticipating potential impacts on the Terra token ecosystem in the coming days.
The synergy of new trading pairs, a perpetual contract, and token burns illustrates the dynamic nature of the Terra ecosystem and its responsiveness to market trends and demands.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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