What’s happening with LUNC price?

• LUNC price rose to highs of $0.000185 as Binance burned 2.21 billion of the tokens.
• The Terra Luna Classic token burn has reached 53 billion on Binance and 100 across the ecosystem.

LUNC price is up 27% in the last 24 hours, trading to above $0.00018 early in the day. The Terra Luna Classic token has jumped more than 83% in the past month.

With trading volume surging by 143% in the past 24 hours to over $332 million, LUNC is one of the top performing coins today as Bitcoin price hovers near $61,000.

Why is LUNC price soaring today?

While LUNC’s price has soared over the last few weeks alongside other altcoins as BTC spiked, the latest uptick comes as the community reacts to the latest burn news.

Binance announced on March 1, 2024 that it had burned 2.21 billion LUNC tokens. The crypto exchange has supported the LUNC burn program since 2022.

The 19th batch of Binance’s Terra Luna Classic burn saw the total number of tokens the exchange has burnt rise to 53 billion.

Meanwhile, with LUNC burn across the ecosystem also happening, the overall number of tokens permanently removed from circulation has jumped to more than 100 billion LUNC.

According to Terra Luna Classic community member Vegas, burnt tokens are from tax, CEXs and utilities.

We have now officially burned 🔥 more than 100 billion #Lunc.. thanks to everyone who is actively working to do this. The burns now are coming from everywhere, tax ,cexs,utilities…
… #LFG #TerraClassic $ustc $Lunc #LUNCcommunity #BURN pic.twitter.com/84b94Ddudn

— Vegas (@VegasMorph) March 1, 2024

The upward momentum for LUNC has the cryptocurrency’s market cap crossing above $1 billion. The price has reached levels last seen in December 2023, and could target $0.000258 in coming weeks.