Cryptocurrency exchange Binance has announced that it has already burned $1.8
million worth of trading fees on Luna Classic (LUNC) spot and trading pairs, according to a Monday announcement. The exchange has removed 5.6 billion tokens from circulation.
As reported by U.Today, the LUNC token recently experienced a significant price rally because of the burn hype. As of recently, Twitter was busy guessing the exact number of tokens that would be destroyed.
Binance confirmed the implementation of a burn mechanism for the token on Sept. 26, thus boosting its scarcity. It is expected to announce the results of such burns every Monday.
Tokens can be permanently removed from circulation by sending them to a specific burn address.
Terra was one of the most promising blockchains projects, but its sudden collapse sent shockwaves across the industry back in May.
The remnant of the token experienced a sudden resurgence last month despite Interpol issuing a "red notice" to Do Kwon. The token is currently trading at $0.0003018 on the Binance exchange.
The cryptocurrency giant represents 55% of the token's total trading volume.