Binance’s LUNC Token Burns❤️❤️
Burn transaction data from Galaxy Finder revealed that Binance burned 1.2 billion LUNC tokens on September 1. The burn transaction also generated 5.96 million LUNC in taxes. Between July 31 and August 29, the crypto exchange burnt $97,229.23 in trading fees in the 25th batch of the LUNC burn mechanism. Within the last two years, Binance has burned about 65 billion LUNC tokens.
So far, projects, crypto exchanges, and investors have removed 132 billion LUNC from circulation. However, the amount of LUNC tokens removed from Binance through burning has dropped substantially over time.
As discussed earlier, Binance usually performs LUNC burn transactions on the first day of every month to support the Terra Luna Classic ecosystem. The burning mechanism reduces the total number of LUNC in circulation, potentially increasing the asset’s valuation.
Binance’s commitment to LUNC became evident even after Terra collapsed in 2022. The monthly LUNC burn has been a key component of the community’s attempts to restore LUNC’s price value and stability in the ecosystem.
