Binance Burns Over 3 Million Terra Luna Classic (LUNC)
✍️ 11 October, 2022 - 14:08 👤 Editor: Jakub Motyka
- During the second week of its burning process, the crypto exchange Binance destroyed Terra Luna Classic (LUNC) tokens valued at more than 1 million USD.
- It is the second time Binance is burning LUNC to help to revive Terra Luna.
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Binance (BNB) has burned 3 billion LUNC tokens valued at about $1 million, according to our Terra Luna Classic (LUNC) burn tracker. It is the second time that the exchange is sending the tokens to the Terra burn wallet. The burn is part of its pledge to support the reconstruction of the Terra ecosystem.
In September, the largest exchange by trading volumes, stated that all fees collected from LUNC trading will be destroyed.
Binance's Latest Fee Burn Went Live On Tuesday At 00:00 UTC
LunaBurnTracker, a Twitter account that tracks LUNC burn, earlier reported on the matter. The post said that Binance was yet to list the burn on its blog post. Notably, it added that the burn is believed to have gone live on Tuesday at midnight UTC.
So far, Binance has destroyed 8.5 billion LUNC valued at $2.8 million, based on the latest price. The first week of the burn saw the exchange get rid of around 5.5 billion LUNC.
The figure is significant compared to the total burned LUNC. Specifically, the Terra Luna Classic community has pulled down 17.9 billion tokens. The step is in response to the community request.
LUNC Remains Bearish Despite The Burn Announcement
The price of the native token of Terra Classic, LUNC, is yet to hit a bull run. In fact, the digital asset was trading 7% down at $0.0002654 at the time of writing. The trend mirrors the overall crypto market, which is currently on a retracement. The cumulative market cap is below the $1 trillion mark, at $945 billion.
At the same time, optimism remains high that less tokens will boost LUNC value. Terra Community earlier proposed the 1.2% tax burn for off-chain transactions to revive the Terra blockchain. Following Terra meltdown, LUNA plunged from $86 at the start of May to $0.000005524 as of June 20.
Although several exchanges adopted the burn, Binance entry gave it more weight. The exchange's founder, Changpeng Zhao, committed that the burn is offset from the exchange's expenses. Its sole objective is to boost the price of LUNC following the colossal investor losses.
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