The Terra Classic community witnessed Binance, the world's biggest cryptocurrency exchange, complete its 7th round of LUNC token burn, which removed about 8.9 billion tokens from circulation. With this event, Binance reintroduced its LUNC burn mechanism officially to the community.
Binances Next LUNC Burn
Binance recently conducted its 7th batch of LUNC token burn, which involved eliminating around 8.9 billion tokens from circulation. The number of tokens burnt was determined based on the fees accumulated from November 30, 2022, to February 27, 2023. Prior to the burn, Binance converted all collected fees in USDT, BUSD, or BNB into LUNC. To make the burn process more efficient and cost-effective, the crypto exchange switched from weekly to monthly burns in November. Currently, Binance is the biggest LUNC token burner in the crypto market, contributing over 50% of the total burn.
Following the successful LUNC burn by Binance, the Terra community is eagerly anticipating the next major burn. According to an official announcement by Binance and a tweet from ClassyCrypto, a prominent Terra Classic validator, the next burn could take place on April 2.
Terra Classic (LUNC) Price Action
Despite Binance burning 48.5 billion LUNC tokens, there is still a massive 5.9 trillion LUNC tokens in circulation. The Terra community is eager to reduce the supply and has gained support from other top exchanges, such as KuCoin and OKX. The recent LUNC burn by Binance not only decreased the supply but also led to a modest price increase of the token. Following the news, LUNC recorded gains of more than 4%, and the trend is expected to continue with the second burn set to take place on April 2.
According to WikiBIT's crypto market tracker, LUNC's price is presently trading at $0.00014522. This indicates a decline of 3.99% in the last 24 hours, although it has dropped by 9.12% over the previous seven days.
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