"Will the price go up after this burning? Or not moving at all?"
Binance burned 1.41 billion Terra Luna Classic (LUNC) in the 12th group of burning mechanisms, where the amount burned by the cryptocurrency exchange reached 37 billion while the total burned by the community exceeded 71.5 billion LUNC.
Reportedly, Binance sent 1.41 billion LUNC to the burning address to reduce the circulating supply of the digital asset then the transaction also included a transaction fee of 7.06 million LUNC.
The 11th batch of LUNC burning mechanism is for the period of June 30 to July 30, 2023 and Binance has recently burned 37 billion LUNC from trading fees on spot trading pairs as well as margin of the digital asset.
As of July 2023, Binance has burned 2.65 billion LUNC and its burning rate increased drastically last year when sentiment was positive following the upgrade of Professor Edward Kim's AI Block Entropy application.
Additionally, communities were found to burn 71.5 billion LUNCs past the recent 70 billion LUNCs milestone, so here it can be seen that community burnings are back on track with 800 million USTCs to be burned from the Ozone Protocol.
Through observation, LUNC and USTC have fallen by 2% and 7% respectively when Judge Rakoff disagreed with the motion of Terraform Labs including Do Kwon who wanted to reject the lawsuit he faced through the decision of Judge Analisa Torres regarding Ripple (XRP).
As of this writing, LUNC price has surged by 2.75% at $0.00008 in the last 24 hours with a market cap of $470 million but still recorded a 0.53% decline over the past week.
