Binance, the largest cryptocurrency exchange in the world, recently finished its 7th batch of the LUNC burn by eliminating roughly 8.9 billion LUNC tokens from circulation. This event finally marked the formal reintroduction of Binance’s LUNC burn mechanism to the Terra Classic community.
Binance’s Next LUNC Burn
The amount of tokens that were incinerated was based on the fees that were accumulated between November 30, 2022 and February 27, 2023. Prior to the burn, Binance exchanged all fees that had been collected in USDT, BUSD, or BNB into LUNC. To improve the burn implementation and to cut costs, the cryptocurrency exchange switched from weekly burn to monthly burn back in November. Currently, with a contribution of more than 50%, Binance is the largest burner of LUNC tokens in the crypto market.
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The Terra community is now looking forward to the next major burn after the success of the first Binance LUNC burn, and judging by Binance’s official announcement, the next burn might happen as early as April 2. This was first brought to light by prominent Terra Classic validator ClassyCrypto.
Terra Classic (LUNC) Price Action
The overall amount of LUNC that has been burned up to this point is 48.5 billion tokens, however, the total amount of LUNC that is still in circulation is an enormous 5.9 trillion. The community’s dire attempt to reduce the circulating supply has been met with much enthusiasm by other top exchanges as well, including the likes of KuCoin and OKX.
Moreover, the recent LUNC burn performed by Binance not only reduced the supply but also resulted in a modest price increase of the token. According to market data, LUNC recorded gains of over 4% in light of the news and therefore a continuation of this trend is being anticipated with the second burn scheduled on April 2.
As things currently stand, the price of LUNC is trading at $0.00014522 which represents a decrease of 3.99% over the past 24 hours, in contrast to a drop of 9.12% over the last seven days, according to Coingape’s crypto market tracker.
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