The cryptocurrency platform Binance is actively supporting Terra Luna Classic (LUNC) through significant token burns. According to LUNC Burn Tracker, Binance held a new token burn event this week. With this latest action, Binance has burned over 59 billion LUNC tokens, showcasing strong backing for the revival of this once-popular cryptocurrency.

Binance's Additional Token Burns

Binance, the leading cryptocurrency exchange by trading volume, is known for conducting extra LUNC token burns apart from its regular monthly schedule. On May 23, Binance transferred more tokens to its burn wallet. Earlier in May, during the 21st phase of its burn process, Binance incinerated 1.4 billion Terra Classic tokens. This latest burn brings Binance's total LUNC burn to over 59.07 billion, making up 51.9% of the total tokens burned by the community.

The Terra Luna Classic community has collectively burned over 113.71 billion LUNC tokens as part of their effort to revive the cryptocurrency. Binance has played a crucial role in this initiative, continuing to support the community’s efforts since the monthly LUNC burn process began in 2022.

LUNC and USTC Price Movements Amid Market Activity

In recent cryptocurrency market news, the approval of an Ethereum ETF by the SEC created significant excitement. However, this news has not significantly impacted altcoins. LUNC’s price dropped by 3% in the last 24 hours, currently trading at $0.00011358. Despite this recent dip, LUNC has seen a 7% increase over the past week.

On the other hand, the price of USTC, Terra's former stablecoin and a key player in a significant market crash, has declined as investors took profits. USTC's price fell by 5% in the last 24 hours and is now trading at $0.02252.

In summary, Binance’s continuous token burns are a major effort in supporting Terra Luna Classic’s comeback. While market fluctuations affect LUNC and USTC prices, Binance's role in the token burn process demonstrates its commitment to the cryptocurrency’s revival.