Main navigation

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

Advertisement
Wed, 2/08/2023 - 16:25
1.4 Billion Terra Classic (LUNC) Burned by Binance, Here's Price Impact
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

Advertisement

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

Related

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.

Related

 
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.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD