Binance cryptocurrency exchange on October 10, burnt approximately 3 billion Terra Classic (LUNC) tokens which were estimated to be worth about $1 million.
Binance delivered more than 2.99 billion Terra Classic (LUNC) tokens to the burn address. The transaction cost is 35.91 million LUNC in addition.
The total supply of LUNC tokens has dropped to 6.88 trillion following the most recent burn of yet another enormous quantity. As a result, the price of Terra Classic has climbed by almost 4% over the past day.
On October 3, the cryptocurrency exchange burnt more than 5.59 billion Terra Classic (LUNC) coins. Binance had previously declared that trading costs for LUNC spot and margin trading pairs will be burned. The LUNC burn mechanism won’t have an impact on trading costs, and the maximum charge will stay at 0.1%.
While a lot of folks are dissatisfied with how much LUNC Binance burned, Terra Classic’s community is happy with Binance’s assistance. In fact, in the most recent AMA, Binance CEO “CZ” pushed other exchanges to burn LUNC coins.
Validator of the Terra Classic, 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.”
Over 5% has been added to the price of LUNC over the past 24 hours. LUNC had a 24-hour low of $0.00029 and a 24-hour high of $0.00031.
The LUNC price is currently trading at $0.00030, up more than 3% as of the time of writing, having lost some of its earlier gains. In the meantime, the trading volume rose by almost 85% over the previous 24 hours. The blueprint for the Terra Classic rebirth has drawn a lot of interest.
Over 8.5 billion LUNC coins have been burned by Binance overall. As a result, the community has staked 677.97 LUNC tokens and burned about 18 billion LUNC coins. Tokens are now available with a total supply of 6.88 trillion.
The community is currently urging cryptocurrency exchange Coinbase to list the LUNC coin again.
