Binance burns 3 billion Terra Classic tokens

On October 10, the largest cryptocurrency exchange in the world burnt approximately 3 billion Terra Classic (LUNC) tokens, valued nearly $1 million. The total number of LUNC tokens has been lowered to 6.88 trillion after the most recent burn of an enormous amount of tokens. This has led to a nearly 4% spike in the price of Terra Classic over the past 24 hours.

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Nearly 3 Billion Terra Classic (LUNC) Tokens Sent by Binance to a “Burn” Address

At 10:00 AM UTC on October 10th, Binance sent over 2.99 billion Terra Classic (LUNC) tokens to the burn address. Also, the charge for this transaction is 35.91 million LUNC. The second round of LUNC trading fees will be used between October 2nd and 8th.

Over 5.59 billion Terra Classic (LUNC) coins were destroyed on October 3 by the cryptocurrency exchange. Binance previously said it would eliminate commissions for LUNC spot and margin trades. Trading costs, however, will remain at a maximum of 0.1% regardless of the LUNC burn mechanism.

However, many are frustrated with Binance’s waste of LUNC. Binance’s dedication to the Terra Classic community has been met with approval. In fact, Binance CEO “CZ” encouraged token burning of LUNC in the most recent AMA.

LUNC DAO, a validator for Terra Classic, tweeted:

This whole thing is still beyond my wildest imagination. This is the first time Binance has ever done anything like this. The burn wallet just received a one million dollar deposit. The LUNC community benefits much from their burns and online advocacy.

The Price of LUNC Rose by Over 5%

The value of Terra Classic (LUNC) has increased by almost 5% in the past day. Over the past 24 hours, the lowest price of LUNC was $0.00029 and the highest price was $0.00031.

As of the time of this writing, one LUNC coin is worth $0.00030, up 3.1%. Meanwhile, trading volume has risen by roughly 85% in the last day. Major interest has been shown in the plan to bring back Terra Classic.

Over 8.5 billion LUNC tokens have been destroyed by Binance. So far, the community has staked 677.97 LUNC tokens and burned over 18 billion LUNC coins. As a result, there are now just 6.88 trillion tokens available.

In the meantime, the community is advocating for the relisting of LUNC token on the cryptocurrency market Coinbase.

Source: Google Trend

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