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1 Billion Terra Classic (LUNC) Tokens Burned By Binance, Here's Price Reaction

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Fri, 2/06/2023 - 13:08
1 Billion Terra Classic (LUNC) Tokens Burned By Binance, Here's Price Reaction
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Top crypto exchange Binance has announced its most recent monthly burn of one billion Terra Classic LUNC tokens.

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Binance has consistently burned LUNC tokens, with this latest burn representing the 10th batch since it started LUNC burns in support of the community.

This time, Binance burned 1,044,105,202.67 LUNC worth $95,189, which represented trading fees on LUNC spot and margin trading pairs.

The 10th batch of trading fees on LUNC spot and margin trading pairs to be burned were calculated from April 30 to May 30, 2023.

The next batch of burns, which is the 11th one for May 31-June 29, will be announced on July 2, 2023.

Here's how LUNC price reacted

At the time of writing, LUNC was marginally up in the last 24 hours to $0.000085. The impact of the burn action is yet to be felt as Terra Classic trades in line with the general crypto market, which has been mildly up in the last 24 hours.

On a broader note, the LUNC price has steadily declined since a massive spike that produced a rise to a high of $0.0002 on Feb. 3.

Terra Classic has fallen further in the crypto market rankings, currently in 81st place with a market capitalization of $498 million.

That said, the Terra Classic community continues its quest to restore the former glory of the ecosystem. Over a year ago, the original Terra ecosystem collapsed after the UST stablecoin (now USTC) lost its peg.

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Part of the development plan is a new proposal that will authorize the L1 task force to utilize existing compute budget funding to create a USTC test environment.

USTC development, as well as the logical next steps to better restore the ecosystem and enhance the process of achieving the stated goals of USTC revitalization and Luna Classic supply reduction, will be the focus of the L1 task team if the proposal passes.

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