Binance, the world’s largest cryptocurrency exchange, performed a massive token burn, choosing to burn over 2 billion LUNCs in one day.
Binance launches large-scale LUNC burn
Terra Luna team members published a new report on X (formerly Twitter) revealing the massive 2.2 billion LUNC burn event initiated by Binance. The cryptocurrency exchange reportedly burned approximately 2,243,572,668 LUNC tokens worth approximately $321,301. This move attracted widespread market attention and had a certain impact on the supply and price of LUNC tokens.
Since May 2022, Binance has burned a total of 53.49 billion LUNC in 2,956 transactions. In early February 2024, the cryptocurrency exchange destroyed more than 2.09 billion LUNC at the beginning of the month.
At the beginning of this year, on January 1, Binance once again conducted a large-scale LUNC token destruction, destroying 5.57 billion LUNC tokens. For years, the cryptocurrency exchange has maintained a tradition of burning large amounts of LUNC tokens on the first of every month.
According to estimates, the total number of LUNC tokens that have been destroyed since May 2022 has reached approximately 102.14 billion. This number covers the massive burning activity carried out by the Binance and Terra Classic communities.
In honor of Binance’s commitment to the burn plan, the Terra Luna team expresses its sincere gratitude to former and current Binance CEOs Changpeng Zhao and Richard Teng for their continued support. This initiative demonstrates the commitment and spirit of cooperation between both parties to Terra Classic, while also deepening the relationship between them. Binance’s burn plan brings more opportunities and room for development for Terra Classic, allowing it to achieve good results in the digital currency field. The support and assistance of Changpeng Zhao and Richard Teng played a key role in the development of the Terra Luna team, and their contributions
The current total cryptocurrency market capitalization is $2.26 trillion | Chart source: TradingView.com
Through its token burning effort, Binance highlights its commitment to driving the sustainable growth of the Terra ecosystem and demonstrates its collaborative spirit in working with the Terra community to launch the Terra Classic ecosystem reboot.
Terra Classic Potential Revival
Expectations have ignited a potential recovery in the Terra Classic market as the Terra Classic community still appreciates the proactive steps taken by Binance to increase the value of the token.
Generally, burning tokens is a common practice to manage the total supply of a cryptocurrency and may affect its market dynamics. Binance’s decision to perform a 2.2 billion LUNC burn has sparked optimism about Terra Classic’s potential recovery.
Currently, the total supply of LUNC is approximately 5.78 trillion, and Binance’s monthly burns have been steadily reducing the supply, aiming to increase scarcity and potentially trigger a price spike for the cryptocurrency.
Additionally, the Terra Classic community revealed that LUNC is currently showing strong strength after breaking through a key resistance level. The cryptocurrency has experienced a massive 49% rise over the past 30 days, highlighting its strength and potential in the market.
The community also announced upcoming projects and new partnerships that could drive the value of LUNC and the Terra Classic ecosystem to new heights.
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