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The world’s largest crypto exchange Binance burned nearly 3 billion Terra Classic (LUNC) tokens worth nearly $1 million on October 10. With the latest burn of another massive amount of LUNC tokens, the total supply has reduced to 6.88 trillion LUNC. As a result, the Terra Classic price has increased by nearly 4% in the last 24 hours.
Binance Sends Nearly 3 Billion Terra Classic (LUNC) Tokens to Burn Address
Binance sent over 2.99 billion Terra Classic (LUNC) tokens to the burn address on October 10 at 10:00 AM UTC. Moreover, the transaction fee is 35.91 million LUNC. The second batch of the LUNC trading fees burn is from October 2-8.
The crypto exchange burned over 5.59 billion Terra Classic (LUNC) tokens on October 3. Binance earlier announced burning trading fees on LUNC spot and margin trading pairs. However, the LUNC burn mechanism will not affect trading fees and the max fee will remain at 0.1%.
While many people are unhappy with the amount of LUNC burned by Binance. The Terra Classic community is satisfied with the support of Binance. In fact, Binance CEO “CZ” urged other exchanges to burn LUNC tokens in the latest AMA.
Terra Classic validator LUNC DAO tweeted:
“I still think this is INCREDIBLE that it’s happening. It’s the only time Binance has ever done anything like this. They just sent $1M dollars to the burn wallet. Their burns and social media support help the LUNC community massively.”
LUNC Price Up Over 5%
Terra Classic (LUNC) price has jumped over 5% in the last 24 hours. The 24-hour low and high for LUNC are $0.00029 and $0.00031, respectively.
At the time of writing, the LUNC price has erased earlier gains and is now trading at $0.00030, up over 3%. Meanwhile, the trading volume increased nearly 85% in the last 24 hours. The Terra Classic revival roadmap has gained massive attention.
Binance in total has burned over 8.5 billion LUNC tokens. Thus, the community has burned nearly 18 billion LUNC tokens and staked 677.97 LUNC tokens until now. The total supply has reduced to 6.88 trillion tokens.
Meanwhile, the community urges crypto exchange Coinbase to relist LUNC token.
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