Binance conducted another burn of 1.4 billion LUNC tokens.
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 the Terra Finder service, the cryptocurrency exchange transferred about 29,828 LUNC to a 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. Binance usually carries out large-scale destruction of an asset on the first of every month. Thus, on May 1, the cryptocurrency exchange burned about 1.4 billion LUNCs worth approximately $140,000. In total, the platform canceled more than 59 billion tokens in 2965 transactions x. This is 51.9% of the 113.7 billion LUNCs burned by the Terra Classic community. The highest rate of destroyed Binance tokens was recorded on March 2, 2023. Then the cryptocurrency exchange burned a whopping 8.84 billion LUNCs, 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 the efforts of Binance and the community to reduce the supply of tokens have little effect on the value of the asset. It still occupies only 116th place in the ranking of cryptocurrencies by market capitalization.
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