Binance burned 2.65 billion LUNC in the 11th batch of the Terra Classic burn mechanism. Altcoin price surged after the announcement.
Binance supports LUNC price increase with token burns
In the 10th Terra Classic burning event, which took place in early June, 1.04 billion LUNC was destroyed. In the last operation, 2.65 billion LUNCs were burned, bringing the total number of LUNCs burned to 68 billion.
The 11th batch of the LUNC burn mechanism covers the period from May 31 to June 29, 2023. With the most recent burn, Binance burned a total of approximately 35.5 billion Terra Classic tokens from transaction fees on LUNC spot and margin trading pairs. The exchange sent 1.04 billion LUNC to the dead wallet in June alone.
Meanwhile, Binance recently reduced the LUNC burn rate from 100% to 50%. Despite this decision, investors continue to support the exchange and its CEO, CZ.
Altcoin investors also receive support from other projects
After the Terra crash in 2022, Binance became the first company to lend a hand to struggling investors. The exchange regularly uses some of its trading fees on spot and margin trading pairs to burn LUNC. Projects like TerraCasino and Cremation Coin support the movement by burning millions of LUNCs every week. DFLunc shows that the token burn rate has risen markedly over the past two months. Apart from Binance, the community has also burned a total of 68 billion LUNC.
Terra 2.0 continues to grow
Last month it completed a major upgrade to bring Terra 2.0 and other Cosmos networks up to par. Altcoin investors and the project team are now focusing on reducing the supply of LUNC and USTC in the third quarter. Additionally, the Joint L1 Task Force and Quant team will work on the USTC repeg.
LUNC price spikes after Binance news
cryptocoin.com The previous token burn event, which we have quoted as , also had an impact on the price. LUNC gained around 2% on this date, independent of the market overall. During the last event, the altcoin market was moving upwards, led by Bitcoin. The LUNC price rose around 3.5% at one point on the news.
The LUNC price has been in a significant decline since news of the SEC’s lawsuit against Terraform Labs founder Do Kwon. Negative news has affected confidence in the once promising token. On the other hand, new Terra projects aim to support the ecosystem. Of these, Ecoterra is a revolutionary crypto project that leverages Blockchain technology and an innovative win-to-recycle (R2E) model to encourage and reward users for taking action against climate change. The coming weeks will show how effective it can be in terms of price.
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