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Binance burns nearly 3 Billion Terra Classic ($LUNC) tokens

LUNC

The world’s largest cryptocurrency exchange Binance has burned about 3 billion LUNC tokens, which are worth nearly $1 million. The Terra Classic tokens were burned on October 10th, and this burn brought down the total number of LUNC tokens to 6.88 trillion, and this event led to the price increase of the token by another 4% before it followed the market sentiment to fall back to where it was before the burn.

The LUNC tokens were sent to the burn address at 10 a.m. UTC on October 10th, a scheduled time, and the transaction fee for the same was about 35.91 million LUNC. This is the second burn, resultant from the trading fee from October 2nd to 8th. On October 3rd, the first LUNC burn was done by Binance with about 5.59 billion LUNC tokens being sent to the burn address.

The burning of the Terra Classic tokens has brought in mixed reactions from the investors, but Terra Classic validator LUNC DAO is happy with the support Binance is offering.

The 24-hour high and low of Terra Classic $0.00031 and $0.00029 respectively, and that 5% jump in price is due to the burn. While the total burn from Binance is about 8.5 billion, the total community burn to date is about 18 billion LUNC tokens.

While Binance has an active trading history of LUNC tokens already, Coinbase hasn’t listed the same and the community around Terra Classic has been urging the exchange to relist LUNC token.

The meltdown of UST-Luna had spread a lot of panic in the cryptocurrency market, but after that, Luna Classic has gone multiple protocol shifts and that includes the token burn to regularly reduce the supply of the tokens.

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