Binance Burns 2.65 Billion Terra Classic (LUNC) Tokens
Binance, the world’s largest cryptocurrency exchange, has successfully completed its 11th token burn round, eliminating a total of 2.65 billion Terra Classic (LUNC) tokens.
The cumulative number of LUNC tokens burned by Binance has now surpassed 35.5 billion, while the community-led burns have reached an impressive 68 billion. The market has responded positively to the recent burn, with LUNC experiencing a 3% price increase.
Transaction Details and Token Circulating Supply
On July 1st, Binance conducted the 11th token burn by transferring 2.65 billion LUNC tokens to the burn address, effectively reducing the circulating supply. The transaction also involved a transaction fee of 13.25 million LUNC.
The Terra Classic burn mechanism automatically destroys tokens whenever a transaction occurs on the network. The number of tokens burned is proportional to the number in circulation, ensuring a constant decrease in the total supply and potentially increasing their value over time.
Previous Burn and Community Gratitude
In June, Binance conducted a burn of 1.04 billion LUNC tokens. While Binance reduced its contribution from LUNC spot and margin trading fees from 100% to 50%, the community expressed gratitude for the support provided by the crypto exchange and its CEO, Changpeng Zhao.
Over the past two months, the LUNC burn rate has improved significantly, thanks to initiatives from projects like DFLunc, Terra Casino, and Cremation Coin, which burn millions of LUNC tokens on a weekly basis. As a result, the community has collectively burned 68 billion LUNC tokens.
Focus on Supply Reduction and Upcoming Initiatives
Following the successful completion of its largest upgrade in May, which aimed to align the chain with Terra 2.0 and other Cosmos chains, the community’s current focus is on decreasing the supply of LUNC and TerraClassicUSD (USTC) tokens. Additionally, the Joint L1 Task Force and “quant” team will collaborate on the USTC repeg initiative.
Price Movement and Market Status
In June, LUNC struggled to surpass the $0.0001 mark and declined below the support level of $0.000090. Despite Binance’s burn, the LUNC price remains under pressure, showing continued downward movement.
According to CoinMarketCap, LUNC’s price has seen a 3% increase in the last 24 hours, currently trading at $0.000087 at the time of writing.
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