In a recent update, the world's leading cryptocurrency exchange, Binance, has incinerated 1.35 billion Terra Luna Classic (LUNC) tokens. This transaction marks the 22nd installment of its LUNC burn initiative, reaffirming Binance's commitment to supporting the Terra Classic community.

The latest burn, conducted on June 1, involved sending 1.35 billion LUNC tokens to a designated burn address. This act is part of Binance's strategy to burn trading fees accrued from LUNC spot and margin trading pairs for the period between April 30 and May 30. With this latest batch, Binance's total LUNC burn has now exceeded 60.42 billion tokens, representing over 52% of the entire amount burned by the Terra Luna Classic community to date.

In May, Binance had similarly burned 1.4 billion LUNC tokens, corresponding to trading fees worth $156,362. This burn occurred against a backdrop of declining trading volumes in April, which continued into early May. However, a reversal was observed in the latter part of May, with trading volumes increasing as LUNC's price hovered around $0.00012.

Despite the substantial token burn by Binance, LUNC and USTC prices have remained under pressure due to a broader selloff in the crypto market. This downturn has tempered recent gains within the Terra Luna Classic ecosystem. The community's focus has now shifted towards development activities and further token burns, fostering speculation that LUNC's price could reach $0.0002.

Over the past month, LUNC's price has climbed by over 17%, driven by increased buying activity from both spot and derivatives traders. Currently, LUNC is trading at $0.000117, with a 24-hour high and low of $0.0001219 and $0.0001168, respectively. Traders are watching closely for a potential breakout as LUNC's price continues to move within an ascending channel.

Meanwhile, USTC has experienced a significant surge, jumping by more than 36% over the past month. As of now, USTC is trading at $0.02367, with a 24-hour high of $0.02502 and a low of $0.02360. However, its trading volume has seen a decline in the last 24 hours.

In summary, Binance's ongoing LUNC burn efforts are making a significant impact on the Terra Luna Classic community, contributing to the token's overall deflationary trend. As the market watches for further developments, the community remains optimistic about the potential for future price increases.