Happycoin.club - On May 23, Binance conducted another burning of Terra Classic (LUNC) tokens in addition to the procedure already carried out on May 1. According to Terra Finder, the cryptocurrency exchange transferred approximately 29,828 LUNC to the dead wallet with a transaction fee of 11.33 tokens.

The crypto exchange began burning Terra Classic tokens on a monthly basis after the collapse of the Terra Luna project in 2022.

Typically, Binance carries out large-scale asset destruction on the first of every month. Thus, on May 1, the cryptocurrency exchange burned about 1.4 billion LUNC worth approximately $140,000. In total, the platform canceled more than 59 billion tokens in 2965 transactions. This is 51.9% of the 113.7 billion LUNCs burned by the Terra Classic community.

The highest rate of Binance tokens destroyed was recorded on March 2, 2023. The cryptocurrency exchange then burned a whopping 8.84 billion LUNC, significantly reducing the supply of Terra Classic. However, the “reserve” of the asset still remains impressive - 6.79 trillion tokens.

Due to such a huge number of LUNCs, all efforts by Binance and the community to reduce the supply of tokens have little impact on the value of the asset. It still only ranks 116th in the cryptocurrency rankings by market capitalization.