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HomeCrypto NewsMarketBinance Burns 6.3 Billion LUNC Worth $1M For November

Binance Burns 6.3 Billion LUNC Worth $1M For November

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Binance Burns 6B+ Terra Classic (LUNC) Worth $1M+ At Once In Its First Batch of Monthly Burns.

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Binance has incinerated up to 6.3 billion Terra Classic valued at over $1M in one burn transaction as it begins its monthly burn initiative.

Binance, the world’s largest exchange by daily trade volume, has proceeded with its monthly burn initiative, as it recently incinerated up to 6,389,199,628 LUNC tokens worth $1M+ in a single burn transaction.

The transaction was first highlighted by Luna Burn Tracker, a community-driven Twitter account dedicated to automatically tracking all LUNC burn transactions to update the community on the progress of the burn initiative. “Burn alert! 6,389,199,628 #LUNC ($1,038,309) burned to Luna Burn Wallet,” the handle revealed Thursday, sharing a link to the transaction. 

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Details of the transaction from Terra Finder reveal that the burn, which involved 6.3 billion LUNC, occurred on December 1, 15:35 (UTC). Despite being devoid of a memo that would’ve been used to ascertain Binance’s involvement, all evidence points to the exchange.

Recall that Binance revealed on October 31 that it would be reviewing its burn timeline from a weekly incineration exercise to a monthly one, as previously reported by The Crypto Basic. Consequently, its next burn was scheduled to occur on December 1, with the official announcement of the burn slated for December 2. This burn coincides with the Binance timeline.

Binance’s announcement followed the conclusion of the fifth batch of weekly incinerations, which involved 1.26 billion LUNC. Following the fifth weekly burn, the exchange accounted for 13.7 billion LUNC burnt, representing over 50% of the total LUNC tokens incinerated at the time of the report. Binance has proven to be the only platform capable of burning such a massive amount of LUNC tokens at once.

Total Burns Have Surged Above 35B With Binance Burning 20B LUNC tokens

The Terra Classic burn campaign remains on track, as evidenced by recent burn transactions, support from several validators, and exchanges such as Binance. In the six days leading to November 18, almost 1B tokens were burnt, reducing the asset’s circulating supply below six trillion.

Since the initiative’s start, total burns from all entities have increased to 35.2B LUNC tokens with tax burns included. The recent burn from Binance brings its total LUNC burns to 20.1B LUNC tokens, making it the entity with the most burns, per data from LUNC Pengiuns.

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Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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