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.
🔥Total burned $Lunc: 18.12b🔥
🔥Total since 1.2% burn tax: 5.11b🔥
Vol24h: $532,518,715$Lunc Staking
% total supply: 9.86% 🔐#Lunc #LUNCcommunity #luncburn
— LUNC Burn (@LunaBurn_13) October 11, 2022
Luna Burn Tracker also shared the development today, showing burn increase of 176,084% from the previous day.
🔥 Daily Burn Stats for Mon Oct 10 2022! 3,003,289,264 #LUNC ($818,787) burned! 📈 176,084% increase. 102 burns @ 5 BPH. 1 LUNC = $0.00027263 #LunaBurn
— LunaBurnTracker (@LunaBurnTracker) October 11, 2022
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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