Breaking: Binance Burns 1.6 Billion Terra Luna Classic Tokens, LUNC Price Jumps 3%

Varinder Singh
April 1, 2023 Updated September 5, 2025
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Binance LUNC Burn Spikes Over 59 Billion After Latest Terra Classic Tokens Burn

The world’s largest crypto exchange Binance has burned 1.6 billion LUNC tokens in the 8th batch of the LUNC burn mechanism. The Terra Luna Classic community has burned over 52.5 billion LUNC tokens in total, with Binance contributing 58% to the total LUNC burned.

Terra Luna Classic (LUNC) price jumps 3% in the last 24 hours in anticipation of the Binance LUNC burn mechanism. The LUNC price is currently trading at $0.000125.

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Binance LUNC Burn Reaches Over 30 Billion After Latest Burn

According to the burn transaction, Binance sent 1.612 billion Terra Luna Classic (LUNC) tokens to the burn address, contributing to reducing the LUNC circulating supply. With the latest burn, Binance has burned over 30.5 billion Terra Classic tokens in total from spot and margin trading fees.

The 8th batch of the LUNC burn mechanism is for the period Feb 28 to March 30, 2023. The crypto exchange switched from weekly burn to monthly burn to better organize burn and reduce costs.

The decline in Binance LUNC burn contribution is due to burning 50% of the LUNC spot and margin trading fees instead of 100%. It happened after the community passed Proposal 10983 to fund the community pool with 50% of the 0.2% burn tax instead of 10% for on-chain development.

On March 2, Binance burned 8.85 billion Terra Luna Classic (LUNC), which marks the official return of Binance LUNC burns back to the Terra Luna Classic community after 3 months. The crypto exchange is the top contributor to the LUNC burn campaign, with over 30.5 billion LUNC tokens.

The community voted down proposals related to increasing the burn rate despite eagerly awaiting massive burn events. Some fear Binance could withdraw its LUNC burn mechanism or reduce burn contribution similar to reducing its LUNC trading fee burn contribution to 50% earlier.

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LUNC Price Jump 3%

With Binance’s latest burn, the LUNC price has jumped nearly 3% in the last 24 hours. The LUNC price is currently trading at $0.000125. The 24-hour low and high are $0.000122 and $0.000126, respectively. Furthermore, the trading volume has increased by 15% in the last 24 hours, indicating a slight increase in interest among investors.

Terra Luna Classic (LUNC) fails to build an upside move in March, after bullish momentum in the previous two months. Currently, the community is moving towards its goal related to artificial intelligence. Core developer Edward Kim hinted at Terra Classic becoming an AI chain.

Also Read: Justin Sun Reportedly Selling Stake In Huobi Exchange

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.