Binance Intensifies LUNC Burn Campaign, Launches USTC Contracts — Terra Ecosystem Tokens Rally

In the past week, cryptocurrencies from the Terra ecosystem, Terra Luna Classic LUNC/USD and USTC, have experienced notable surges. This uptick is driven by optimism surrounding various projects and crypto exchanges, as well as anticipation of a burn activity by Binance, which took place on Friday.

What Happened Crypto exchange, Binance announced the burn of 3.9 billion LUNC tokens in the 16^th batch of the LUNC burn, CoinGape reported. With this, the total LUNC burn by Binance stands at 43 billion, accounting for 52% of the total tokens burned by the Terra Luna Classic community. The overall community has burned nearly 83 billion LUNC tokens.

A transaction recorded on Dec. 1 shows that Binance has transferred tokens to a burn address. This action is part of the LUNC community's burn campaign, which seeks to decrease the circulating supply of the token. The most recent phase of this LUNC burn mechanism encompasses the period from Oct. 31 to Nov. 29.

November reported a burn of 760 million Terra Luna Classic (LUNC) tokens, the lowest to date, due to reduced developer activity, and a fall in LUNC trading volumes on the exchange, Coingape reported.

Although, with the significant expansion in trading volumes this week, the LUNC community undertook a huge burn activity.

Meanwhile, Binance launched a USTC perpetual contract with up to 50x leverage and new USTC trading pairs FDUSD and TRY in the last few months.

Price Action: In the past week of trading, LUNC reported gains of 88%, with the token up 124% in the past month. The past 24-hour trading volume saw a drop of 39.3% while the market cap expanded by 2%. LUNC currently has a circulating supply of 5.8 trillion tokens, while its total supply stands at 6.82 trillion.  

USTC, which is a stablecoin that's meant to be pegged to the U.S. dollar, collapsed in May 2022. Over the past month, it has gained 351%, moving up from about 1 cent to over 5 cents at the time of publication.

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