Binance, the largest crypto exchange by trading volume, has been actively burning LUNC tokens in numbers since last week following the implementation of the 1.2% burn tax on Spot and Margin trading. And the exchange is expected to announce the amount of Terra Classic tokens destroyed over the past week.
The value of Terra Classic (LUNC) is up over 70% for the week and up over 40% for the month, retesting $0.000365 on Sunday as most cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), saw minimal gains.
Although the trend has been impressive since the burn started getting intensified, the LUNC price is still very far from the $100 level it was before the May historic crash.
However, Terra Classic (LUNC) has been recording outstanding performance in terms of trading volumes. This boost has helped the digital token to the top ten by trading volume, sending its market cap to over $2 billion.
For the newcomers, Terra Classic (LUNC) is the token of the blockchain that imploded in May, which prompted lawmakers to consider a ban on similar algorithmic stablecoins.
Terra Classic Community Waiting to Know the Amount of LUNC Burned By Binance
On Monday last week, Binance announced plans to implement a 1.2% Terra Classic tax burn, which is expected to drastically reduce LUNC circulating supply.
Binance said, “Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address.”
Following the announcement, LUNC surged over 55% from a price of $0.00018 to $0.00031 within a day, according to CoinGecko. At the time of writing, LUNC is trading at $0.0003308, with an over 60% price upsurge in the last seven days.
Although the exchange is expected to publish the number of LUNC burned since last week, traders and investors are already nursing bullish expectations. Some are insinuating that Binance may have destroyed between 10 billion and 25 billion LUNC tokens.
Going by CoinGecko data, Binance handles nearly 55% of LUNC trading volume and there is a campaign right now calling on Coinbase, Robinhood, Gemini, and FTX to list the Terra Classic token on their trading platforms.