🔥🔥🔥 #Binance Burns 1.7B Terra Classic While #LUNC🔥 Drops Below $0.0001
Data from the Terra Classic block explorer Terra Finder confirms that today's burn transaction involved precisely 1,404,956,147 LUNC tokens, currently valued at $134,468 based on prevailing rates. Binance executed the transaction at 10:33 (UTC), following its regular procedure for monthly LUNC burns.
Binance burned 1.4 billion Terra Classic tokens in April, representing 50% of the LUNC trading fees collected during the month. This marks a 66% decrease from March's burn, attributed to lower LUNC trading activity.
With this latest transaction, Binance remains the top Terra Classic burner, having incinerated a total of 58.93 billion LUNC tokens since joining the campaign. This translates to a value of $5.6 million.
Binance's burns represent over half (52.3%) of all Terra Classic tokens incinerated since the campaign began in May 2022. The initiative was launched by the community to rejuvenate the Terra Classic ecosystem amid challenges it faced two years ago.
Under the leadership of former CEO Changpeng "CZ" Zhao, Binance initially committed to incinerating 100% of fees from LUNC trades. However, the exchange revised this commitment to 50% amid controversies surrounding the reminting of burned tokens.
Despite regulatory hurdles and Zhao's CEO change, Binance continues its 50% commitment under Richard Teng's leadership. Terra Classic community member Rexyz praised the exchange for this commitment post the recent burn.
Binance recently burned 4.175 billion Terra Classic tokens, marking the lowest burn for the year. This adds to previous burns totaling 15.75 billion tokens in 2024. Despite the downturn in the crypto market, Terra Classic fell below $0.0001 on April 30, currently trading at $0.00009590, down 3.92% in the last 24 hours.
Remember, investing in #cryptocurrencies is highly speculative and involves a significant risk of loss. You should never invest more than you can afford to lose also do your own research.
Source - thecryptobasic.com