Binance Executes Major LUNC Burn: Billions of Terra Classic (LUNC) Tokens Eliminated

  • Binance, the world’s largest crypto exchange by volume, has executed another large-scale Terra Classic (LUNC) burn, continuing its supporting role for the Terra Classic ecosystem.
  • Despite the substantial supply reduction, the price of LUNC and its daily trading volume have been falling significantly.
  • Typically, on the first of every month, Binance executes a large-scale LUNC burn worth thousands of dollars.

Discover the latest developments in the Terra Classic ecosystem as Binance continues its significant LUNC token burns, and explore the implications for LUNC’s price and trading volume.

Binance Burns LUNC Tokens

On May 23, Binance initiated another LUNC burn separate from its 21st batch of LUNC burns on May 1. According to LUNC burn tracker, Terra Finder, the crypto exchange transferred about 29,828 LUNC tokens to a dead wallet, with a transaction fee of 11.33 LUNC.

Typically, on the first of every month, Binance executes a large-scale LUNC burn worth thousands of dollars. On May 1, the crypto exchange burnt approximately 1.4 billion LUNC tokens, valued at around $140,000, recording a total burn of more than 57 billion at the time.

Data from Binance’s LUNC tracker, ‘LUNC metrics’ have revealed that Binance’s total LUNC burn has increased to 59.07 billion LUNC tokens, representing approximately 51.9% of the total LUNC burned by the Terra Classic community. Additionally, the crypto exchange had begun its monthly burning cycle following Terra Luna’s crash in 2022, terminating over 59 billion LUNC tokens in 2,965 transactions.

The highest LUNC burn executed by Binance was recorded on March 2, 2023. The crypto exchange has burned a whopping 8.84 billion LUNC tokens, significantly reducing Terra Classic’s token supply.

Collectively, the total LUNC tokens burnt by the Terra Community has reached over 113.7 billion, with Binance being the leading contributor to the burns. The crypto exchange has been a fervent supporter of the Terra Classic community, consistently aiding the community to diminish the token’s staggering supply of approximately 6.79 trillion LUNC.

Terra Classic (LUNC) Price On A Downtrend

Despite Binance and the community’s effort to reduce LUNC’s supply, the cryptocurrency’s price has remained low, recording a 2.15% decline in the last 24 hours. Usually, when a token’s supply is diminished, it induces scarcity, fueling price increases as demand for the token grows.

However, with LUNC’s substantial token supply coupled with a 62.49% decline in its daily trading volume, the cryptocurrency has failed to witness any significant price increases.

At the time of writing, the price of the cryptocurrency is trading at $0.00011, according to CoinMarketCap. Additionally, its stablecoin, TerraClassic USD (USTC) is also trading at a price of $0.022, reflecting a 3.32% decrease over the past 24 hours. USTC’s daily trading volume has also recorded steep losses, falling by 56.26%.

These unexpected declines in the Terra Classic ecosystem follow Binance’s recent LUNC token burn, displaying an opposite bearish effect from a burning process meant to decrease LUNC’s total supply and potentially trigger a price rebound.

Conclusion

In conclusion, Binance’s continued efforts to burn LUNC tokens have significantly reduced the token’s supply. However, this has not translated into a price increase for LUNC, which continues to face downward pressure. The Terra Classic community and investors will need to monitor these developments closely to understand the long-term implications for LUNC’s value and market performance.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Michigan State Retirement Fund Invests $10 Million in Grayscale Ethereum Trust, Securing Major Stake

The Michigan State Retirement Fund has strategically positioned itself...

Grayscale Proposes Listing for Grayscale Digital Large Cap Fund (GDLC) as ETP with Bitcoin Dominating Holdings

On November 4, COINOTAG News reported that Grayscale has...

Fragmetric Completes Builder Round Financing to Enhance Solana Ecosystem Security and Liquidity

On November 4th, COINOTAG News reported that Fragmetric, a...

Vitalik Buterin Warns Against Exclusion of Russian Developers in Open Source Community

On November 4th, Vitalik Buterin, co-founder of Ethereum, took...

Bitcoin Volatility Soars Amid U.S. Election Impact on Crypto Markets

Bitcoin Volatility Surges as U.S. Election Heightens Stakes for...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img