Has Binance’s Luna Classic (LUNC) Plan Failed? Here are the details!

Cryptocurrency exchange Binance’s cryptocurrency leftover from failed blockchain project Terra Luna Classic (LUNC) The “burn” scheme was expected to increase the price. At least that’s what many crypto investors were expecting. However, this expectation was not met.

Luna Classic, Part of Terra Crash, Crashed After Binance’s Burnout Plan Failed

Binance’s plan destroyed only 0.08% of LUNC’s inflated supply. This rate did not have a permanent effect on the hyperinflated token.

Binance CEO Changpeng Zhao’s “CZ” According to a tweet he posted on Monday, Binance has burned $1.8 million worth of LUNC since the burn was implemented a week ago.

First LUNC burn, $1.8 million ish.
https://t.co/b86RlCYqe3

— CZ 🔶 Binance (@cz_binance) October 3, 2022

This amount represents only 0.08% of the token’s total supply and has no appreciable impact on the token’s overblown supply.

LUNC nearly doubled its price last week after Binance, the world’s largest crypto exchange by trading volume, announced its own supply reduction plan.

The cryptocurrency exchange has implemented a mechanism that destroys the same amount of coins as the fees it collects from trading LUNC.

According to incoming data LUNC, Bitcoin (BTC) and from Ethereum (ETH) It became the third most traded asset on Binance by trading volume.

The burn was calculated based on the trading volume of the token between September 21 and October 1. Thus, Binance removed 5.6 billion tokens from circulation by sending them to a burn address, according to Blockchain data.

Considering that there are more than 6.8 trillion tokens in circulation, the burn rate is 0.08% of the total supply.

*Not investment advice.