Binance, the world’s largest crypto exchange by trading volume, reportedly burned a total of 5,595,907,838 LUNCs in a single transaction.
The new development was recently announced with the Terra Classic community via the official Twitter account of LunaBurnTracker. shared.
LunaBurnTracker true figure, “Burning alert! 5,595,907,838 LUNC ($1,899,923) Luna Burn was burned in the Wallet!” shared his words.
The said development was also announced by the stock market. It was reported that 1 million 863 thousand dollars worth of transaction fee income was obtained from the exchange between September 21 and October 1, and all these were burned.
A recent post by community member LUNC Dao to your tweet by;
“Binance burned 6 BILLION LUNC in one go. That’s about $2 million. Amazing.
Also, this week was a low volume week compared to the last few months. Every week they will burn all the wages. More volume = more burn.”
Sending a token to an unused-dead cryptocurrency wallet is called “burning” it. This reduces the number of coins in circulation 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.
Koinfinans.com As we reported, Binance exchange announced on September 26 that it will implement a burn mechanism for LUNC and all fees from LUNC transactions will be burned.
Finally, the second burning period is between October 2, 2022 and October 8, 2022. The burning information of the transaction fee income obtained in this period will be reported on 10 October.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.