In a significant move for the cryptocurrency community, Binance, the world’s largest crypto exchange, conducted its 15th Terra Luna Classic (LUNC) token burn, destroying 760 million LUNC tokens. On the other hand, MBOX announced a buyback plan and TOMO announced an upgrade process. Here are the details…
Critical burn announcement for LUNC came from Binance
Binance announced that it has carried out its 15th LUNC burn. This latest development brings the total amount of LUNC burned by Binance to nearly 40 billion, contributing to a broader community effort that has seen more than 76 billion LUNC tokens burned. The LUNC burn mechanism ended with the last burn performed by Binance for the period September 30 – October 30, 2023. The burning of tokens is part of a broader campaign to reduce the circulating supply of LUNC tokens, ultimately affecting their value in the market.
Over the past month, the token burn rate has decreased significantly. This can be attributed to FUD (Fear, Uncertainty, Doubt) within the crypto community, decreased developer activity, and a decline in LUNC trading volumes on the Binance exchange. However, the Terra Luna Classic community continues to appreciate Binance’s continued contributions to the burn campaign, even though the burn rate has fallen below 1 billion for the second time. In response to these developments, some members of the LUNC community are considering requesting Binance to expand its token burn strategy to include USTC tokens. It is worth noting that Binance previously reduced the burn contribution from 100% to 50% of LUNC spot and margin trading fees.
In the last 24 hours, Terra Luna Classic ecosystem tokens, including LUNC and USTC, have witnessed a noticeable price drop. This decline is attributed to profit booking by investors in response to the market-wide pullback, which has put downward pressure on cryptocurrency prices. As of press time, LUNC token is trading at $0.000062 and has experienced a 5% decline in the last 24 hours. The 24-hour low and high for LUNC are $0.0000616 and $0.0000657 respectively.
MOBOX announced its buyback and burn plan
On the same day, Web3 gaming platform MOBOX made an exciting announcement regarding its buyback and burn plan. The MOBOX team announced its commitment to use $7 million in treasury to implement a long-term, multiplatform integration strategy. This approach aims to ensure sustainability of asset value and maximize available resources through on-off chain dynamic allocation. Since the launch of MOBOX, the platform has burned a total of 46,925,433 MBOX tokens through its buyback plan. The team is now preparing to begin buying back $1 million worth of tokens as part of this ongoing effort.
Big update in Tomochain
On the same day, scalable blockchain project TomoChain made a significant move by rebranding itself as Viction. This strategic shift included renaming its native token, TOMO, to VIC. According to the announcement, “Viction” is a combination of the words “Vision” and “Victory” and expresses the project’s commitment to real-world benefit and creating human value.