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1.4 Billion Terra Classic (LUNC) Burned by Binance, Here's Price Impact

Wed, 08/02/2023 - 16:25
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Tomiwabold Olajide
Exchange burned 1,412,760,563 LUNC tokens in most recent burn event
1.4 Billion Terra Classic (LUNC) Burned by Binance, Here's Price Impact
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As indicated in a recent update, Binance burned a whopping 1.4 billion LUNC in its latest batch of burns.

On Aug. 1, top crypto exchange Binance burned its 12th batch of LUNC tokens to reiterate its support for the Terra Classic ecosystem.

This most recent burn resulted in the permanent elimination of nearly 1.41 billion LUNC from circulation in a single transaction. As a result, the transaction lowered Terra Classic's total supply to less than 6.84 trillion.

According to the latest update, the exchange burned 1,412,760,563 LUNC tokens in the most recent burn event.

This amount burned represents 50% of Binance's trading fees on LUNC spot and margin trading pairs accrued between June 30 and July 30.

Terra Classic (LUNC): Understand What’s Behind Altcoin’s 21% Increase

The overall trading fee throughout this period was 121,850.96 USDT, according to the updated announcement. The exchange also stated that the next LUNC burn event would take place exactly one month later, on Sept. 2.

The leading exchange destroyed 2.6 billion LUNC tokens in its 11th burn campaign in July, a noteworthy move.

That said, the Terra Classic community continues to be hopeful that these frequent burns and the planned USTC repeg might aid LUNC's price in the long run; it is currently unaffected.

Terra Classic (LUNC) Climbs 16% as Market Cap Takes Back $1 Billion

LUNC is now trading at about $0.00008, up from less than $0.00005 following its May collapse but still far below its all-time high of roughly $0.000018 earlier this year.

At the time of writing, LUNC has risen 1.47% in the previous 24 hours to $0.00008055.

Late last month, the Terra Classic community approved a significant proposal aimed at improving governance and decentralization during the transition to the Commonwealth Forum.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.