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Binance Terra Classic Burns Dropping Every Week As Exchange Burnt 1.3B LUNC for 4th Week

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Binance Burns 1.3 Billion Terra Classic (LUNC), As Exchange’s Total LUNC Burn Surpass 12 Billion in 4 Weeks.

Binance, the world’s largest cryptocurrency exchange by 24 hours trade volume, has completed another massive burn of Terra Classic (LUNC) for the fourth time in four weeks. 

According to data from LUNC Burn, an unofficial Twitter account that tracks the incineration of Terra Classic tokens, Binance has burnt another 1.3 billion LUNC. 

The world’s largest cryptocurrency exchange burned whopping LUNC tokens using the fees obtained from LUNC spot and margin trading pairs in the last seven days. 

“binance has burned around 1.3b Lunc with this week’s fees by the look of the burn tracker,” LUNC Burn made the announcement today.

Binance Continuous Support For Terra Classic

The development further backs Binance’s commitment to helping victims of Terra ecosystem collapse boost the value of the cryptocurrency. Recall that Binance announced last month that it would burn fees generated from LUNC trading activities. So far, the exchange has stayed true to its words by incinerating billions of LUNC weekly

Binance first –ever-Terra classic burn involved a whopping amount of 5.5B LUNC tokens, the second batch destroyed 2.9B LUNC. Binance burnt about 2.5B Terra Classic tokens in its third batch and 1.3B in its fourth weekly burn, bringing the total burn from the exchange to 12.3B tokens. Because of a bear market and low trading volume, the burns decrease per week.

At LUNC’s current exchange rate of $0.00023115, Binance has burnt a total of $2.82 million worth of Terra Classic tokens.

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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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