Binance Burns Over 6 Billion Terra Classic ($LUNC) Tokens

The world’s largest crypto exchange Binance has burned over 6 billion Terra Classic (LUNC) tokens in the 6th batch of the LUNC burn mechanism. With the latest burn, Binance has burned almost 20 billion LUNC tokens in total from trading fees on LUNC spot and margin trading pairs. As a result, the Terra Classic price jumps nearly 2% in the last 24 hours.

Binance Sends Over 6 Billion Terra Classic (LUNC) Tokens to Burn Address

Binance has burned nearly 6.39 billion Terra Classic (LUNC) tokens by sending them to the burn address on December 1 at 2:35 PM UTC. The transaction also shows a fee of 12.77 million LUNC. The sixth batch of LUNC trading fees burned is for the period October 30 to November 30.

The crypto exchange switched from a weekly to a monthly burn mechanism after its fifth burn. The amount of LUNC burned continued to decline due to low trading volume and the passing of Proposal 5234, reducing tax burn from 1.2% to 0.2%.

Binance burned 13.712 billion LUNC tokens in October. The crypto exchange burned over 5.5 billion Terra Classic (LUNC) tokens in the first batch and 1.26 billion Terra Classic (LUNC) tokens in the fifth batch on October 31. The total burn by Binance has now reached 20 billion LUNC tokens.

Meanwhile, the Terra Classic community votes on crucial proposals to bring back utility and validators on the chain. Terra Classic developers will implement the v23 upgrade containing the CosmWasm upgrade. Also, they will re-enable inter-blockchain communication (IBC) with Cosmos blockchains at block 10,542,500, estimated on December 5.

Moreover, the Terra Classic community burned nearly 150 million LUNC tokens in November. This week, Allnodes burned 25,827,385 LUNC tokens as part of its weekly burn, whereas LUNC DAO burned 4,928,589 LUNC tokens.

LUNC Price To Gain Amid Massive Burns?

Terra Classic price trades at $0.00016, up nearly 2% in the last 24 hours. The 24-hour low and high are $0.0001606 and $0.000166, respectively. The price continues to trade sideways amid the selloff pressure in the market.

Moreover, the total burned has reached 34.23 billion LUNC tokens, with the daily burn rate being over 366 million tokens per day.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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