Quant

Burn

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 <p>LUNC token circulating supply is 5.81 trillion and the total supply is 6.84 trillion LUNC. However, the community still needs to increase utility to increase the LUNC burn rate.</p>  
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 <h2 id="total-lunc-burn-hits-70-billion-milestone">Total LUNC Burn Hits 70 Billion Milestone</h2> 
 <p>After the May 2022 Terra-LUNA Crisis and Do Kwon separating the chain from TFL, the community took responsibility and started a burn campaign along with other <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> such as staking last year. Terra Luna Classic is managed by community-approved developers, as well as trusted validators and members.</p> 
 <p>Terra Luna Classic burn campaign now reaches the 70 billion LUNC milestone as crypto exchanges, validators, projects, and members burn LUNC by sending it to the burn address. The community burns on average 400 million LUNC per week, with <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> sending billions to the burn address as part of its monthly LUNC burn mechanism.</p> 
 <p><a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> burned over 2.65 billion LUNC tokens in the 11th batch of the LUNC burn mechanism on July 1, with the LUNC burned by the crypto exchange to date reaching over 35.5 billion.</p>  
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 <p>The Joint L1 Task Force developer group and the Quant USTC repeg team aim to focus on reducing the LUNC and USTC circulating supply in Q3. The developers aim to repeg USTC to $1, working with exchanges for its successful completion.</p>  
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 <p>Recently, the community found a new focus to burn USTC and LUNC idle in other protocols. Vegas introduced a proposal to burn 800 million USTC or sent it to the community pool from Ozone protocol.</p> 
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> And CEO CZ Facing Intense Scrutiny In Euro Area Amid Banking Woes – WSJ</strong></p> 
 <h2 id="terra-luna-classic-price-under-pressure">Terra Luna Classic Price Under Pressure</h2> 
 <p>LUNC price fell 1% in the past 24 hours, with the price currently trading at $0.000081. The 24-hour low and high are $0.0000813 and $0.0000824, respectively. Terra Luna Classic fell below the $0.000082 support level after failing to hold the $0.000090 support level.</p> 
 <p>Meanwhile, USTC price trades at $0.015, down over 1% in the past 24 hours and 15% in a week after a recent rally. The trading volume has also decreased in the 24hrs.</p> 
 <p><strong>Also Read: Cardano Founder Discusses Latest ADA Developments, XRP Lawsuit, And Crypto Regulations</strong></p> 
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Terra Luna Classic Burn Hits 70 Billion Milestone Ahead Major Burn By Binance

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