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Binance Eradicates 6.3 Billion LUNC Token, Pushing Price by 17%

Published 12/02/2022, 04:29 AM
Updated 12/02/2022, 04:30 AM
© Reuters Binance Eradicates 6.3 Billion LUNC Token, Pushing Price by 17%
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  • LUNC price went by 16%, while traders exchanged $250 million worth of LUNC.
  • Market tracker reported that a whale sent 6.3 billion LUNC to a dead address.
  • Previously, Binance burned 1,959,595.29 BNB, equivalent to $444,632,106.

While the global crypto market was in red, the price of Terra Luna Classic (LUNC) has seen an impulsive increment of over 16% over the previous 24 hours. In the same period, the coin also gained over 17% against the top giant cryptos in the market, Bitcoin (BTC) and Ethereum (ETH).

Furthermore, crypto traders have bought and sold over $250 million worth of LUNC, putting its 24-hour volume up at 231%. These sudden favorable activities on the LUNC coin may be due to a recent burn event.

Yesterday, the AI-market tracking platform, LunaBurnTracker, reported that a wallet holding a significant amount of LUNC tokens sent over six billion units worth more than $1 million to a dead address. By implication, the coins become burned and lost forever.

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