Binance, the world’s largest cryptocurrency exchange, has executed a large-scale token burn, opting to incinerate over 2 billion LUNCs in a single day.
Binance Initiates Massive LUNC Burns A new report from a Terra Luna army member on X (formerly Twitter) has unveiled a massive 2.2 billion LUNC burn initiated by Binance. The cryptocurrency exchange incinerated approximately 2,243,572,668 LUNC tokens valued at around $321,301.
Cumulatively, Binance has executed a total of 53.49 billion LUNC burns across 2,956 transactions, starting from May 2022. Earlier in February 2024, the crypto exchange kickstarted the month with over 2.09 billion LUNC burns.
At the start of the year, on January 1, Binance also executed another massive burn of 5.57 billion LUNC tokens. The crypto exchange has been on a LUNC burning spree for years, displaying a tradition of burning a considerable amount of LUNC tokens on the first of every month.
Presently the total amount of LUNC tokens burned since May 2022 is estimated at 102.14 billion. This includes both Binance’s large-scale burns and that of the Terra Classic community.
Commemorating Binance’s commitment towards Terra Classic via its burn initiatives, the Terra Luna army expressed gratitude to Binance’s previous and current Chief Executive Officers (CEO), ChangPeng Zhao and Richard Teng respectively, for their continuous support.
Total crypto market cap is currently at $2.26 trillion. Chart: TradingView.com Binance’s token-burning efforts not only emphasize the exchange’s dedication to promoting sustainable growth within the Terra ecosystem but also reflect its collaborative spirit with the Terra community to initiate a reawakening of the Terra Classic ecosystem.
Terra Classic Potential Resurgence As the Terra Classic community remains appreciative of Binance’s proactive steps towards increasing the value of the token, anticipation has ignited the potential resurgence of the Terra Classic market.
Typically, burning tokens is a common practice conducted to manage a cryptocurrency’s total supply, potentially influencing its market’s dynamics. Binance’s decision to execute its 2.2 billion LUNC burn has sparked optimism for a potential resurgence for Terra Classic.
Presently, LUNC’s total supply sits at approximately 5.78 trillion and Binance’s monthly burns have been steadily cutting down supply, aiming to increase scarcity and potentially triggering a price surge for the cryptocurrency.
Furthermore, the Terra Classic community has disclosed that LUNC is currently showing great strength after breaking through key resistance levels. The cryptocurrency has experienced a significant upsurge of 49% in the past 30 days, highlighting its strength and potential in the market.
The community has also unveiled the emergence of upcoming projects and new partnerships that could take the value of LUNC and the Terra Classic ecosystem to new heights.
Featured image from Pexels, chart from TradingView
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.