Breaking: Binance Burns 4 Billion Terra Luna Classic (LUNC) Tokens.
Binance burned nearly 4 billion Terra Luna Classic (LUNC) tokens, with total LUNC burns by the community reaching 83 billion.
The world's largest exchange burned nearly 4 billion Terra Luna Classic (LUNC) tokens in the 16th wave of LUNC burns. With the latest LUNC burn, total LUNC burns by crypto exchanges to date reach over 43 billion , 52% of the total tokens burned by the Terra Luna Classic community. Traders did not immediately respond to the Binance burn.
Binance's Terra Luna Classic (LUNC) Net Burn Reaches 43 Billion
Crypto exchange Binance sent 3.90 billion Terra Luna Classic (LUNC) tokens to the burn address, according to a transaction on December 1. Binance continues to contribute to the community's LUNC burning campaign to reduce the circulating supply of LUNC following the exit of Changpeng “CZ” Zhao as CEO of Binance.
Specifically, the 16th wave of LUNC burning mechanism is for the period 31 October to 29 November. With the latest burn, Binance has burned over 43 billion Terra Classic tokens from trading fees on LUNC spot and margin trading pairs. The community has burned nearly 83 billion LUNC tokens.
In November, Binance burned 760 million Terra Luna Classic (LUNC) tokens, the lowest to date. The burn rate decreased significantly amidst FUD, reduced developer activity, and a decrease in LUNC trading volume on exchanges.
The massive spike in trading volume this week resulted in a massive LUNC burn the likes of which the community has not seen in recent months. Binance launched USTC perpetual contracts and new USTC trading pairs FDUSD and TRY, which contributed greatly to the exchange's trading volume.
