Wednesday, November 30, 2022
HomeCrypto NewsMarketTerra Classic (LUNC) Burn Rate Spike 176,084% In A Day As Total...

Terra Classic (LUNC) Burn Rate Spike 176,084% In A Day As Total Burns Surpass 18 Billion

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Ongoing LUNC burns gain momentum.

Binance’s involvement in the ongoing LUNC burn has continuously increased the number of Terra Luna Classic tokens destroyed. According to data shared by LUNC Burn, an unofficial Twitter account that tracks the ongoing incineration of the cryptocurrency, a total of 18.12 billion Luna Classic tokens have been burnt from the asset’s total supply.

Luna Burn Tracker also shared the development today, showing burn increase of 176,084% from the previous day.

Binance Accelerates LUNC Burns

The development comes after the world’s largest cryptocurrency exchange by 24 hours trading volume, Binance, sent nearly 3 billion LUNC tokens to the official burn wallet yesterday.

As reported by The Crypto Basic, Binance sent 2,992,563,505 LUNC worth around $922 million to the wallet. Binance’s recent incineration of nearly 3 billion LUNC tokens spiked the Luna Classic daily burns by 176,084%.

Aside from supporting the 1.2% tax burn for all LUNC on-chain transactions, Binance announced its unique way of supporting the Luna Classic community. The exchange implemented a mechanism to burn all fees obtained from LUNC spot and margin trading pairs in a bid to make victims of Terra collapse whole again. 

Last week, the effort saw Binance send over 5 billion LUNC to the address. The exchange continued its commitment to the community by burning nearly 3 billion LUNC this week. 

Currently, Binance has burnt 8.5 billion Luna Classic tokens via the initiative.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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