The world’s largest cryptocurrency exchange has launched a highly anticipated token burning event. After billions of tokens burned on Binance, the price peaked in a short time.
Binance supports community efforts
The exchange announced on October 10 that it had burned 3 billion Terra Classic (LUNC), worth approximately $1 million. Thus, LUNC’s total supply fell to 6.88 trillion. Transactions took place via 2 different Binance wallets. The first transaction contains 99 billion LUNCs. This transaction took place at 1:00 pm today, permanently removing 99 billion LUNC from circulation. The second transaction was the transfers from October 2-8, when LUNC trading fees burned.
Binance also burned more than 5.59 billion Terra Classic (LUNC) on October 3. Earlier, LUNC announced that it will burn trading fees on spot and margin pairs. However, the LUNC burn mechanism will not affect transaction fees and the maximum fee will remain at 0.1%. Meanwhile, Binance CEO “CZ” called on other exchanges to burn LUNC in his latest statement. Terra Classic operators LUNC DAO thanked Binance in a tweet:
I still think it’s AMAZING for this to happen. This is the only time Binance has ever done anything like this. They sent $1 million to his burnt wallet. Their burnout and social media support greatly helps the LUNC community.
$3B BURN BY BINANCEhttps://t.co/01JSIzTWEP
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 helps the $LUNC community massively
— ————- (@LUNCDAO) October 10, 2022
LUNC price gains over 5% after Binance efforts
Terra Classic (LUNC) price has skyrocketed by over 5% in the last 24 hours. The 24-hour lows and highs for LUNC are $0.0029 and $0.00031, respectively. However, the LUNC price returned some of these gains. It is trading at $0.0003024 at the time of writing. Meanwhile, trading volume has increased by around 85% in the last 24 hours. The Terra Classic revival roadmap attracted great attention.
Binance has burned more than 8.5 billion LUNCs in total. Thus, the community has sent nearly 18 billion LUNCs to a dead wallet so far. 677.97 LUNC is in the stake pools. As a result, the total supply fell to 6.88 trillion. Meanwhile, the community is urging crypto exchange Coinbase to relist LUNC.
Investors hopeful for LUNC price
As you follow on Kriptokoin.com, CoinMarketCap’s community survey revealed that investors are expecting higher levels in the LUNC price. A majority of respondents predict that LUNC will reach $0.001978 by the end of the year. This prediction was influenced by Binance’s announcement that it will burn tokens with 1.2% gas from LUNC transactions. However, it should be noted that the LUNC supply skyrocketed from 340 million to 6.9 trillion tokens during the crash. It will take a while for the community to restore supply to its former levels.
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