Happycoin.club – On May 23, Binance conducted another Terra Classic (LUNC) token burn 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 conducts a large-scale asset destruction on the first of every month. So, on May 1, the cryptocurrency exchange burned around 1.4 billion LUNC, worth around $140,000. In total, the platform canceled more than 59 billion tokens in 2965 transactions. This represents 51.9% of the 113.7 billion LUNC burned by the Terra Classic community.
The highest rate of Binance tokens destroyed was recorded on March 2, 2023. The cryptocurrency exchange then burned 8.84 billion LUNC, significantly reducing the supply of Terra Classic. However, the asset’s “reserve” remains impressive – 6.79 trillion tokens.
Due to the large number of LUNCs, any efforts by Binance and the community to reduce the token supply have little impact on the asset's value. It still only ranks 116th in the ranking of cryptocurrencies by market capitalization.
