One of the important developments for the price in the crypto money world is the altcoin burning mechanism. Accordingly, there is a positive development for each altcoin in the act of burning. Our latest news is about the burning action by Binance. Let’s look at the details.
Will altcoin burn affect the price?
On Thursday, 1.04 billion LUNC tokens were burned in the tenth batch of the LUNC burn mechanism. There is token burning as part of the monthly burn mechanism. Accordingly, the total altcoin LUNC burned by the crypto exchange reached almost 33 billion. Traders immediately responded to Binance’s latest burn. As a result, the LUNC price jumped. Binance is making the move as part of its commitment to reduce LUNC’s circulating supply, according to the burn. As a result, burn sent 1.04 billion Terra Luna Classic (LUNC) tokens to the address. This transaction also includes 5.22 million LUNC transaction fees.
Specifically, the tenth batch of the altcoin LUNC burn mechanism is for the period April 30 – May 30, 2023. With the last burn, Binance burned a total of approximately 33 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs. Binance burned 1.27 billion LUNC tokens in May. Binance’s LUNC burns decreased significantly after the exchange cut its contribution to LUNC spot and margin trading fees from 100% to 50%.
Burn rate increased
Despite the low Binance burn, the DeFi protocol DFLunc has burned over 2.5 billion LUNCs. Accordingly, the LUNC burning rate increased substantially in May. The project is currently burning altcoin LUNC for Edward Kim’s AI application chain “Block Entropy” testnet tokens. On the other hand, 250 million LUNC were burned to get testnet tokens.
Meanwhile, the community is looking at the 14th June update to CosmWasm v2.1.0 parity. This is the biggest update to date that will put Terra Classic on par with other blockchains like Terra 2.0 and Cosmos. Following the Parity update, developer Edward Kim and the Joint L1 Task Force group will work to integrate the AI application chain “Block Entropy” into the Terra Classic chain. Other developments include incineration tax changes, a 5% minimum commission fee for validators. On the other hand, working with the USTC repeg team to set up a USTC test environment is among other developments. The LUNC price is up 2% in the last 24 hours. When we look at Kriptokoin.com, the altcoin is traded at $0.000085. The lowest and highest price in 24 hours was $0.0000829 and $0.0000852, respectively. Moreover, the trading volume has increased in the last 24 hours.
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