Crypto exchange Binance burned 2.65B Terra Classic (LUNC) tokens to increase the currency’s value by reducing its overall supply.
In its eleventh Terra Classic burn round, Binance sent the $230K worth of LUNC tokens to an inaccessible wallet, effectively removing them from circulation. As noted by the blockchain intelligence platform Terra Finder, the exchange paid 13.25M LUNC as transaction fees for the burn transaction.
Before its crash in May 2022, Terra (UST) was one of the highest-performing stablecoins with a market capitalization nearing $18.5B. Following the Terra-Luna collapse, the original blockchain was rebranded as Terra Classic.
Since then, The Terra Classic ecosystem has witnessed several attempts at recovering its native token’s value. So far, the crypto community has burned over 68B LUNC coins, with Binance burning more than 35.5B Terra Classic tokens over eleven rounds.
Unfortunately, the price of Terra Class has not increased considerably over the past months. So far, LUNC is valued at $0.000083, with its price hinging below the $0.0001 mark since June.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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