Binance, the world’s largest crypto exchange, has again signed an event that attracts attention. The exchange burned large amounts of LUNC in its ninth burning event.
According to data from Terra Finder, the total value of the LUNCs that Binance burned in this latest burning reached $135,000. Binance burned 1,268,122,322 (1.268 billion) tokens in this last burning event. Burned LUNCs represent 50% of Terra Classic transaction fees handled by the exchange.
On the other hand, with this latest burn, the amount of tokens that Binance removed from circulation exceeded the 31 billion mark. Binance has so far burned a total of 31.83 billion LUNC, which represents 57.9% of the total Terra Classic burn of 54.92 billion tokens. The exchange remains the largest contributor to the LUNC incineration initiative.
Koinfinans.com As we have reported, the stock market has suspended its burn activity for 3 months. The resumption of burn contribution came after the v.1.1.0 chain update, which applied changes to the network. The first burn after a long hiatus came on March 2, when 8.8 billion Terra Classic tokens were removed from circulation.
The exchange had removed 1.6 billion tokens from circulation in April, before the last LUNC burn of 1.2 billion.
Sending a token to an unused-dead cryptocurrency wallet is called “burning” it. This reduces the number of tokens in circulation in order to accelerate price action. Also, for victims of the collapse of the Terra ecosystem, burning a large percentage of LUNC’s total supply is the best way to revive the token’s value.
Alongside Binance, other organizations such as the LUNC DAO and the newly launched Cremation Coin project continue to burn millions of tokens every week to reduce the LUNC supply.
You can follow the current price action here.
Source : the crypto basic