Breaking: Binance Burns 1.7 Billion Terra Luna Classic (LUNC), What’s Ahead?

Crypto exchange Binance has burned 1.7 billion Terra Luna Classic (LUNC) tokens as the community looks at major change with Tax2Gas implementation. LUNC price to rally?

HIGHLIGHTS

Binance burns 1.7 billion Terra Luna Classic (LUNC) tokens in its 23rd batch of LUNC burn mechanism.

The community's net LUNC burn has now surpassed over 125 billion.

Terra Classic ecosystem tokens LUNC and USTC prices surged amid the market recovery.

The world’s largest crypto exchange Binance has burned 1.7 billion Terra Luna Classic (LUNC) tokens in the latest transaction to burn wallet on Monday. After the 23rd batch of the LUNC burn mechanism, Binance has burned nearly 62 billion LUNC to date.

Moreover, the total LUNC tokens burned by the Terra Luna Classic community has reached over 125 billion. Binance has continued supporting the community for Terra Luna Classic revival since 2022 via its monthly LUNC burn mechanism.

Binance Incinerates 1.7 Billion LUNC

The Terra Luna Classic community saw 1.7 billion Terra Luna Classic (LUNC) tokens burned by crypto exchange Binance, as per the burn transaction on July 1. The burn transaction also recorded 8.5 million LUNC in tax. Tax2Gas implementation expected this month will likely boost the burn narrative.

The 23rd batch of the LUNC burn mechanism Binance burned a significant amount of trading fees for the period between May 31 to June 29. Binance has now burned nearly 61.99 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.

As a result of the latest burn by Binance, the net burn by the Terra Luna Classic community has now surpassed 125 billion LUNC. Binance accounts for over 50% of the total LUNC burned since the community took control of the chain. The reason behind the low burn amount in contrast to the community is due to fewer transactions.

In the 22nd LUNC burn mechanism, Binance burned 1.35 billion Terra Luna Classic (LUNC) tokens.