Terra Classic Surges Over 14% Following Binance Massive LUNC Burn

• LUNC increases nearly 15% in the last 24 hours, now trading around $0.0001872.
• Binance recently burned more than 6 billion Terra Classic (LUNC) tokens.

Terra Classic (LUNC), the native token of the Terra blockchain protocol, is currently witnessing a significant price surge amid the gloomy crypto market. The LUNC is currently trending in the market, with a 14.17% increase in the last 24 hours, according to CMC.

At the time of writing, Terra Classic is trading around $0.0001872 with a one-day trading volume of $258,193,838. The token has increased by nearly 18.57% in the past 7 days, as per CMC.

Binance Burned Over 6 Billion LUNC

It is assumed that the token-burning mechanism proposed by the LUNC community is the major reason behind Terra Classic’s massive price increase. Binance, the leading crypto exchange, has recently burned more than 6 billion Terra Classic tokens in the sixth batch of the LUNC burn mechanism. In total, the trading platform has burned around 20 billion Terra tokens from trading fees on LUNC spot and margin trading pairs.

In October, Binance burned 13.712 billion LUNC tokens. Following this, the exchange burned 5.5 billion and over 1.26 billion LUNC, respectively, in its first and fifth burn batches. As a result, 20 billion Terra Classic tokens have now been burned by Binance in total.

Additionally, the Terra Classic community burned approximately 150 million LUNC tokens in November. Apart from this, Allnodes burned 25,827,385 LUNC tokens, as part of its weekly burn this week, and LUNC DAO burned 4,928,589 LUNC tokens.

Moreover, Terra (LUNA), Terra protocol’s native staking token is also experiencing a notable price surge, registering a 4.38% increase in the past 24 hours. At the time of writing LUNA is trading around $1.67 with a one-day trading volume of $75,959,194.