Terra Classic might experience a resurgence following Binance's destruction of 2.2 billion LUNC tokens. The largest cryptocurrency exchange executed a substantial LUNC burn, revealed by a member of the Terra Luna army on social media platform X.
This burn totaled 2,243,572,668 LUNC tokens, valued at $321,301. Since May 2022, Binance has conducted 2,956 transactions resulting in the burning of 53.49 billion LUNC. Additionally, Binance's token-burning activities, along with contributions from the Terra Classic community, illustrate the exchange's dedication to sustainable development within the Terra ecosystem and its collaboration with the Terra community to revitalize Terra Classic.
This event has generated anticipation within the Terra Classic community for a potential market resurgence, as burning tokens to regulate cryptocurrency supply could impact market dynamics, potentially leading to Terra Classic's recovery post-Binance's massive burn. Binance's consistent monthly burns have gradually reduced LUNC's supply, aiming to promote scarcity and potentially elevate its price.
Furthermore, the Terra Classic community has noted significant breakthroughs in LUNC, surpassing major resistance levels and demonstrating strong performance, with a 49% increase in the past 30 days, underscoring its commercial viability.
$LUNC
