Binance executed a substantial burn of LUNC tokens, bringing the total tokens burned by the exchange to over 60 billion. This development has sparked debates on the potential price movements of LUNC.

In its 22nd LUNC burn batch, Binance eradicated 1.35 billion Terra Luna Classic tokens, demonstrating strong support for the Terra Classic community. This burn has propelled Binance's cumulative LUNC burn past 60 billion, accounting for more than 52% of the community's total burned tokens.

The burn process, detailed in a recent source, saw Binance sending 1.35 billion LUNC tokens to the burn address, constituting the 22nd cycle of the LUNC burn operation. This action represents a substantial portion of trading fees amassed between specific dates. With this latest burn, Binance has successfully eliminated close to 60.42 billion LUNC tokens derived from trading fees on LUNC spot and margin trading pairs.

A prior burn conducted by Binance saw 1.4 billion LUNC tokens incinerated, equivalent to $156,362 linked to trading fees on LUNC spot and margin trading pairs. This burn took place amid decreased trading volumes in April, which persisted into early May. However, trading volumes experienced a reversal and surged in the final weeks of May, with LUNC prices predominantly trading sideways around $0.00012.

Despite the recent burn action, LUNC and USTC prices have faced pressure, influenced by a recent crypto market downturn. The correction in prices for Terra Luna Classic ecosystem tokens prompted by the market sell-off has dampened earlier gains. Focus within the community has shifted towards development efforts and LUNC burns during May, reigniting speculations on the potential for LUNC to hit $0.0002.

The recent months saw LUNC's price surge by more than 17%, primarily driven by trading activities from spot and derivatives traders. LUNC is currently trading at around $0.000117, oscillating between a 24-hour high of $0.0001219 and a low of $0.0001168. Traders are now anticipating a potential breakout in LUNC as prices steadily move within an upward channel.

In parallel, USTC's price has witnessed a significant increase of over 36% in the past month, with the current price standing at $0.02367. The 24-hour trading range notes a high of $0.02502 and a low of $0.02360. Despite the price surge, trading volume has declined within the last 24 hours.

Note: This article intends to provide information only and should not be construed as legal, tax, investment, financial, or any form of advice.