Binance conducts 11th LUNC burn, 2.65 billion tokens destroyed

Binance Burns 2.65 Billion Terra Classic (LUNC) Tokens

Binance, the biggest crypto exchange globally, has destroyed 2.65 billion Terra Classic (LUNC) tokens in its 11th burning cycle.

The amount of LUNC tokens burned by Binance now surpasses 35.5 billion, and the community’s burn is even higher at 68 billion. Traders have responded positively to the burn, leading to a 3% increase in the price of LUNC.

On July 1, Binance conducted a transaction in which 2.65 billion LUNC tokens were sent to a burn address, thereby decreasing the circulating supply. Additionally, a transaction fee of 13.25 million LUNC was incurred.

The Terra Classic burning system automatically reduces the number of tokens in circulation whenever a transaction takes place on the network. The amount of tokens burned is proportional to the amount currently in existence. This guarantees that the overall supply of tokens is constantly decreasing, potentially increasing their worth over time.

Coingape reported that Binance burned 1.04 billion LUNC tokens in June. Despite decreasing its contribution from LUNC spot and margin trading fees from 100% to 50%, the crypto exchange and its CEO, Changpeng Zhao, were thanked for their support by the community.

Terra Classic Price Struggling Despite Binance Burn

In the past two months, the LUNC burn rate has seen an improvement due to the efforts of projects such as DFLunc, Terra Casino and Cremation Coin, which burn millions of LUNC tokens on a weekly basis. As a result, the community has been able to successfully burn a total of 68 billion LUNC tokens.

After finishing its largest upgrade the month before, designed to bring the chain in line with Terra 2.0 and other Cosmos networks, the community is now concentrated on decreasing the supply of LUNC and USTC tokens during the third quarter. Additionally, the Joint L1 Task Force and Quant team will work together on the USTC repeg effort.

In June, Terra Classic’s price was unable to exceed the $0.0001 mark and dropped below the $0.000090 support level. Despite Binance’s burn, the LUNC price is still feeling the strain, with a sustained downward trajectory.

The Six Samurai team from Terra Allies intends to restore the environment.

Coinmarketcap reports that LUNC’s price has increased by 3% in the past 24 hours, with its current rate at $0.000087. The 24-hour low and high have been $0.0000820 and $0.0000889, respectively. Unfortunately, the trading volume has dropped in the last day.

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