LUNC And USTC Prices Rise 10% After Binance Burns 1.14 Billion Terra Luna Classic Tokens

The price of LUNC and USTC rose 10% after Binance burned 1.14 billion Terra Luna Classic tokens (Photo; Doc. Cryptaute)

JAKARTA - Terra Luna Classic (LUNC) and TerraClassicUSD (USTC) prices jumped more than 10% after Binance burned 1.14 billion LUNC tokens. This move sparked optimism among investors, hoping LUNC prices would continue to rise. The burning of tokens is a process in which tokens are removed from circulation, aiming to reduce supply and increase the value of the remaining tokens.

This massive arson confirms Binance's commitment to the Terra Luna Classic community. The move was welcomed by investors who saw it as a positive signal. In the 26 rounds of the LUNC burning mechanism carried out by Binance, a total of 1.14 billion tokens have been burned, showing strong support from the exchange for efforts to reduce token supply.

Quoted from Coingape, the owner of the LuncLive validator, Mr. Diamondhandz, on platform X (formerly Twitter), thanked Binance CEO Changpeng Zhao (CZ) for the continuous contribution to the LUNC community. Binance burned 1.14 billion LUNC for their monthly burning! Thank you CZ and the team for your support since 2022! LUNC to the moon! he wrote, reflecting community optimism for the rise of the Terra Classic ecosystem.

Along with the increasing frequency of burning by Binance, the prices of LUNC and USTC were also boosted. At the time of writing, the price of LUNC was at Rp. 1,500 after previously reaching its highest point of Rp. 1,535 in the last 24 hours. Meanwhile, USTC prices are trading at Rp. 375, with trading volume increasing 65% to Rp. 1.44 trillion. USTC prices even touched Rp. 390, reflecting market confidence in this crypto.

The frequency of LUNC burning by Binance has increased in recent months. In September alone, Binance set fire six times, up significantly from the previous schedule which was only done once a month. This increase raise raises speculation that Binance is strengthening its efforts to restore LUNC's value through an intense combustion mechanism.

The burning of this token aims to reduce the supply of LUNC in the market, which is expected to boost prices as demand increases. Based on the latest analysis, the price of LUNC has the potential to increase by up to 40% after Binance's latest arson.