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- Leading cryptocurrency exchange, Binance, has successfully burnt over 2 billion Terra Classic (LUNC) tokens this July.
- The massive LUNC token burn has influenced market sentiments, as the price of LUNC soared by 3% following the recent burn.
The Binance cryptocurrency exchange has recently burnt a significant amount of Terra Classic ( LUNC). The burn was successfully carried out after a handful of votes from LUNC community members validated the action.
The recent token burn is already paying off for LUNC traders and investors, as the price of LUNC and its token supply are already affected by the move.
It is worth noting that the price of Terra Classic (LUNC) has increased significantly since the burn was carried out. Binance burnt a staggering 2.65 billion LUNC, currently valued at over $230,500 at the time of the burn.
The transaction was executed on the 1st of July after Binance moved 2.65 million LUNC tokens to the burn address. The transaction would later result in a fee of 13.25 million LUNC.
Notably, this is the 11th LUNC burn round carried out by the exchange. So far, over 35.5 billion LUNC has been burnt on the Binance exchange, while community burn remains significantly higher, with more than 68 billion tokens burnt. With the consistent token burn reducing the circulating supply of the LUNC asset, LUNC is likely to attract more investors and traders into the market.
As a result of the burn, LUNC has skyrocketed in price value over the past week. The asset initially soared by 3% after the burn, further signaling an increase in market interest.
Terra Classic (LUNC) burn mechanism is designed to reduce token supply continuously
At report time, Terra Classic (LUNC) trades for $0.000008677. The altcoin is up by 0.40% in the last 24 hours, although a mild decline has since been sustained.
Before the most recent burn, Binance carried out a 1.04 billion LUNC in June. The exchange would later reduce its contribution from LUNC spot and margin trading fees from 100% to 50%.
Additionally, various initiatives from certain projects have improved the project burn rate. DFLunc, Cremation Coin, and Terra Casino are some of the few projects that have burned millions of LUNC tokens weekly.
The supply of Terra Classic tokens will continue to reduce in the long term, as the Terra Classic burn mechanism was designed to automatically burn tokens after a transaction is carried out on the network.
Community members have continued to express gratitude towards Binance and its CEO Changpeng Zhao, for their role in curbing token supply.
We thank you @binance for the 2.65B #LUNC burn! 👍
We appreciate your support to help us burn our hyperinflated supply! 🔥
I voted YES to prop #11582, to burn the funds the community wrongly re-minted. 💯
Hopefully we can come to an agreement in our community to do the right… pic.twitter.com/c9YWEj3oKt
— JESUSisLORD (@ForTheCross_CH) July 2, 2023
Meanwhile, despite ongoing internal issues, the Terra Classic community is still working to sustain the network’s credibility. Many LUNC community members who believe the token could benefit from a central authority have submitted a proposal endorsing Changpeng Zhao as the ecosystem’s leader.
