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2.5 Billion LUNC Burned in Recent Hours as LUNC Community Awaits Price Gain

Mon, 10/17/2022 - 15:47
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Tomiwabold Olajide
Binance burned 2,500,382,131.16 LUNC tokens worth $659,300.76
2.5 Billion LUNC Burned in Recent Hours as LUNC Community Awaits Price Gain
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The top cryptocurrency exchange, Binance, published the results of its third batch burn on Oct. 17. According to the data updated on its website, LUNC tokens worth $659,300.76, or 2,500,382,131.16 LUNC, were sent to the burn address. This covers total trading fees on LUNC spot and margin trading pairs between Oct. 9 to 15.

In the past week, Binance burned nearly three billion, or 2,992,563,505 LUNC worth $922,800.The results of its first batch burn had Binance send over 5.6 billion LUNC worth $1.8 million to the LUNC burn address.

Here's How Much LUNC Binance Has Burned

In support of the 1.2% tax burn, Binance announced that it was implementing a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address.

Community awaits price reaction

As of this writing, LUNC was marginally up in the last 24 hours at $0.000261 and down 13.28% in the past week. Unlike the hype generated ahead of the results of the first batch burn, the LUNC price remains unmoved, keeping the community expectant. At the time of publication, the general market was attempting a rebound following the recent dip seen across the board.

As reported by U.Today, LUNC might witness volatility throughout the week as Unchained Podcast host Laura Shin announced that Terra founder Do Kwon will be featured on the show's next episode.

The episode with Do Kwon is set to be released this coming Tuesday, Oct. 18, and will allow listeners to receive answers to their most pertinent questions about Terra and its collapse.

In May, the Terra ecosystem collapsed after the UST stablecoin depegged, leading to over $60 billion wiped out in losses.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.