Binance’s Big Burn: 1.6 Billion Altcoins Destroyed!

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Recently, cryptocurrencies and crypto exchanges are attracting more and more attention around the world. This interest is also supported by the rapid increases in the market values ​​of cryptocurrencies and the rise in trading volumes on exchanges. In this context, Binance, the world’s largest crypto exchange, has again signed an event that attracts attention. The exchange burned large amounts of LUNC in the burning event it held for the eighth time.

The total value of the LUNCs burned by Binance in this last burn reached $ 203,000. Binance burned 1.6 billion tokens in this latest burn event. Burned LUNCs represent 50% of Terra Classic transaction fees handled by the exchange. This event had a huge impact in the cryptocurrency market and especially in the altcoin community.

Twitter account LunaBurnTracker, which follows the burnings on the Terra Classic network, noted the recent burning event. pulled. Data from Terra Finder shows that the burning took place at 09:11 (UTC) today. The exchange has not yet updated the altcoin burn data to reflect the most recent transaction.

Following Binance’s last burn, the total amount of LUNC burned reached 52.91 billion, surpassing the currently 52 billion mark. On the other hand, with this latest burn, the amount of tokens that Binance removed from circulation reached 30.56 billion, which represents 58.1% of the total tokens burned. The exchange remains the single 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. This amount represented 50% of the exchange’s LUNC transaction fees from December 2022 to February 2022.

Despite continuing token burning, Binance is burning only 50% of LUNC transaction fees instead of 100%.

You can follow the current price action here.

Source : the crypto basic


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