Binance has executed the burning of 1.31 billion Terra Luna Classic tokens, during the 12th cycle of the LUNC burn mechanism. And with this recent burn, the crypto exchange has now upped their total burn of LUNC to 37 billion. These tokens have all been sourced from the fees linked to spot and margin trading pairs. The total amount of LUNC burned by the community amounts to 71.5 billion tokens. The transaction was made on August 1st, where Binance sent the 1.41 billion LUNC to the burn address striving to reduce the circulating supply. The transaction fee for this landed on 7.06 million LUNC. The price has dropped 2.4% at this point in time, after this burn was done.

During the month of July, Binance carried out the burning of 2.65 billion LUNC tokens. The optimism for the token had a new awakening during that month because of the parity update, USTC repeg plan and the AI app chain Block Entropy. But the token is still stuck in a sideway movement and more buyers are needed if we are going to move up over the Consolidation Phase threshold. But the LUNC's community is indeed showing of promising signs of a revival. So, will we see a comeback in 2024?

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