TerraClassic USD (USTC) was also up 8% at $0.02
Terra Classic (LUNC) suddenly jumped nearly 13% on December 2 as the community received the results of the sixth batch of Burns with excitement.
As of this writing, LUNC was up 12% in the last 24 hours at $0.00018, and likewise up 14% in the past week. This is quite significant, as most cryptocurrencies recorded minimal gains or even losses in the last 24 hours.
The recent price increase was also accompanied by a 290% jump in trading volume as traders attempted to profit from the recent volatility. LUNC has also reclaimed the $1 billion market cap, as it now ranks as the 39th largest cryptocurrency according to CoinMarketCap data.
After announcing its fifth batch of burns, Binance said it was going to be publishing its results monthly rather than weekly. The wait triggered expectations in the community, which waited to hear that billions of tokens had been burned.
TerraClassic USD (USTC) was also up 8% at $0.02. Notably, USTC trading volume also increased by 208% as traders swooned over the recent volatility.
Binance burns 6.38 billion LUNC
On its website, the top cryptocurrency exchange, Binance, has published the results of its sixth batch of burns.
According to updated data on its website, LUNC tokens worth $1,189,861 or 6,389,199,628 LUNC were sent to the burn address. This includes total trading fees plus a 0.2% tax on LUNC spot and margin trading pairs between October 30 and November 29.
In October, the Terra Classic community approved proposal 5234, which reduces the 1.2% tax burn to 0.2% and keeps another 10% as tax revenue for the ecosystem’s infrastructure and contributors.
Binance is scheduled to publish details of its next batch of burns, the seventh one, on January 2, 2023.
