Terra Classic (LUNC) Token Burn Approaches Whopping 70 Billion
Summary: Terra Classic (LUNC)'s burn rate is approaching 70 billion, with 68,303,850,914 tokens burned so far, less than 1% of the total supply. Binance has burned through 35.5 billion LUNC, including trading fees on spot and margin trading pairs. Initiatives like DFLunc, TerraCasino, and Cremation Coin have contributed to the increase in burnt Terra Classic tokens.
According to the most recent tweet from LunaClassic HQ, the burn rate of Terra Classic (LUNC) is slowly but steadily approaching a whopping 70 billion.
Very Close to Historic Figure
According to the latest report, 68,303,850,914 LUNC tokens have been burned so far, which is less than 1% of the entire supply. 44,789,088,501 LUNC have just been transferred to the burning address, out of the overall total of LUNC burned.
Burn activities, which aim to lower the total quantity of a token in circulation, are a standard procedure in the cryptocurrency industry. It is done with the expectation that the market price of the designated digital asset would rise.
SHIB Leading the Way
The Shiba Inu (SHIB) is one example of a cryptocurrency project that has maintained its integrity by regularly burning tokens. The SHIB community constantly engages in SHIB burning to drive the prices higher.
Prior to the de-peg of the accompanying algorithmic stablecoin USTC, the proposal’s primary goal was to burn as many Terra Classic tokens as were required to help restore the digital currency’s legacy.
Binance Playing Key Role
Earlier, a proposal to destroy all community-held Terra Luna Classic tokens and newly-minted tokens from the LUNC burn wallet on the cryptocurrency exchange Binance was authorized.
A total of 2.65 billion Terra Classic tokens were recently delivered to a dead wallet as part of the eleventh batch of the LUNC burn mechanism by Binance. The exchange has been an essential component of this burn operation.
Moreover, the total amount of LUNC burned in the eleventh batch includes a transaction charge of 13.25 million LUNC. As of July 1st, the exchange has burnt through almost 35.5 billion LUNC, not including trading fees on LUNC spot and margin trading pairs.
DFLunc, TerraCasino, and Cremation Coin are just a few examples of recent initiatives that have contributed to the rising LUNC burn rate. Total burnt Terra Classic tokens today are worth the sum of all these factors.