Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Binance has burned 1.3 billion LUNC tokens since the beginning of the month

Binance has burned 1.3 billion LUNC tokens since the beginning of the month

Cryptodnes2024/06/10 15:16
By:Cryptodnes

Recent data shows Terracah burning, Binance continues to burn Terra Classic or LUNC tokens.

In the month of June, Binance burned 1.3 billion tokens MON in three transactions, which equates to approximately $139,100 at the current market price ($0.000107).

However, the effect on the price of LUNC is somewhat muted given the size of the altcoin's market cap ($625 million), despite the continuous burns. Over the past week, LUNC is down about 10%.

It is worth mentioning that of all the Terra Classic tokens burned so far, the most are on Binance - about $6.4 million. This represents about 1% of the total LUNC volume.

READ MORE:
Donald Trump declares himself 'crypto president'

Although they do smaller burns on other days, Binance usually does large token burns at the beginning of each month. This pattern shows that the total amount of LUNC burned by Binance in June could turn out to be higher in the coming days.

Overall, although the burns indicate Binance's continued efforts to reduce the circulating supply of LUNC, the overall effect on the token's price remains limited due to the relative scale of the burns compared to the market cap of LUNC.

SHARE: SHARES
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04