Binance, the world’s largest cryptocurrency exchange by trading volume, has reportedly resumed the usual burn of the digital token LUNC, which has been the utmost desire of the teeming Terra Classic community members.
In a recent tweet, LunaBurnTracker, a channel that tracks the burn of LUNC tokens, reported the incarceration of about 8.8 billion LUNC tokens worth $1.5 million.
LunaBurnTracker tweeted, “Burn alert! 8,849,666,174 #LUNC ($1,504,266) burned to Luna Burn Wallet!”
— LunaBurnTracker (@LunaBurnTracker) March 2, 2023
Notably, the recent upgrade to the Terra Classic network, which took place a couple of hours ago, made community members expect Binance to resume its voluntary LUNC burn since all its concerns have been addressed.
It can be recalled that the leading exchange suspended its usual LUNC burn following the emergence of issues related to the LUNC re-minting and burn tax. The community had to resolve all issues raised by the exchange to bring back its support. It’s worth noting that Binance has been the major contributor to the Terra Classic burn initiative.
The significance of Binance to LUNC revival made Terra Classic developers add vital features to the recent upgrade to meet the exchange’s demand.
As earlier stated, many community members expect the burn to start as usual after Binance announced its support for the recent Terra Classic network upgrade.
Also, this should serve as a bullish fundamental for the in-house investors and potential holders of LUNC tokens.