Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

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.

You may also like

PancakeSwap to Distribute 2.45M ZK (zkSync) Tokens to Thank Community

PancakeSwap’s unclaimed ZK tokens will be reallocated to its ecosystem for future development and other community initiatives.

Cryptopotato2024/07/06 04:37

The U.S. Bitcoin spot ETF has a cumulative net inflow of US$14.763 billion, and the ETF net asset ratio has reached 4.42%

Odaily2024/07/06 04:00

US Bitcoin spot ETFs saw a net inflow of $143.1 million yesterday

Odaily2024/07/06 04:00

Derivatives traders bet the Fed will cut rates twice this year

Odaily2024/07/06 04:00

‌Spot copy trading

More
AIOnline
AIOnline
insight1000/1000
9940.54%
ROI
Total profit $50696.75
WhaleGo_YouTube
WhaleGo_YouTube
insight500/500
1324.99%
ROI
Total profit $3847.28

Bot copy trading

More
AIZQUEEN
AIZQUEEN
insight20/150
$11718.02
Total profit
Total subscriber profits $35.91
GoldenEgg
GoldenEgg
insight145/150
$5644.26
Total profit
Total subscriber profits $-284.87