Binance, the world’s largest cryptocurrency exchange by trading volume, just completed its 11th Terra Classic token burn round, destroying 2.65 billion LUNC tokens in the process.
This burn takes Binance’s total quantity of LUNC tokens burned to more than 35.5 billion. Traders have reacted positively to this move since the burn has resulted in a 3% gain in the price of LUNC.
Read Also: Terra Classic Community Rejects “Six Samurai” Team’s Proposal to Revive LUNC: Here’s why
The token burn took place on July 1 as part of Binance’s commitment to decreasing the circulating supply of LUNC tokens. This burn mechanism is automatic and takes effect whenever a transaction occurs on the Terra Classic network.
We thank you @binance for the 2.65B #LUNC burn! 👍
We appreciate your support to help us burn our hyperinflated supply! 🔥
I voted YES to prop #11582, to burn the funds the community wrongly re-minted. 💯
Hopefully we can come to an agreement in our community to do the right… pic.twitter.com/c9YWEj3oKt
— JESUSisLORD (@ForTheCross_CH) July 2, 2023
Binance burned 1.04 billion LUNC tokens back in June. Despite the fact that Binance cut its contribution from LUNC spot and margin trading fees from 100% to 50%, the community expressed gratitude to the exchange and its CEO, Changpeng Zhao.
Recent community efforts, including projects like DFLunc, Terra Casino, and Cremation Coin, have also contributed immensely to the LUNC burn initiative. These projects burn millions of LUNC tokens on a weekly basis.
Following a notable upgrade in May to match the chain with Terra 2.0 and other Cosmos networks, the community is now concentrating on reducing the quantity of both LUNC and TerraClassicUSD (USTC) tokens. The Joint L1 Task Force and the “quant” team will collaborate on the USTC repeg initiative to support this goal.
In terms of price performance, LUNC has recently had difficulties, failing to surpass the 0.0001 mark in June and falling below the 0.000090 support level. Despite Binance’s burn attempts, the LUNC price remains under pressure and continues to fall.
According to CoinMarketCap, the price of LUNC has increased by 3% in the last 24 hours and is currently trading at $0.000087.
Read Also: Google Bard AI Predicts Terra Classic (LUNC) Price for the End of 2023
Promising Future for Terra Classic (LUNC)
Despite LUNC’s recent pricing problems, there remains hope for the future of Terra Classic tokens. The Binance community’s continued commitment to burn huge numbers of LUNC tokens, as well as the active engagement of numerous companies such as DFLunc, Terra Casino, and Cremation Coin, demonstrates a strong commitment to decrease the token supply.
Furthermore, with the successful completion of the major upgrade in May, which aligned Terra Classic with Terra 2.0 and other Cosmos chains, the focus now shifts to decreasing the supply of LUNC and TerraClassicUSD (USTC) tokens, aided by joint efforts between the Joint L1 Task Force and the “quant” team.
As the number of LUNC tokens diminishes over time, the value of the tokens has the potential to rise, making it an exciting cryptocurrency to follow in the future.
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