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Binance, one of the top cryptocurrency exchanges in the world, has burned 2.7 billion Terra Classic (LUNC) tokens, marking its 11th instance of this extraordinary action. The fiery exercise has increased the total tally of LUNC tokens incinerated by Binance to almost 36 billion, while the crypto community's burn has torched a total exceeding 68 billion.
A record made on July 1 shows Binance rerouting 2.7 billion LUNC tokens to the incinerator, impacting the circulating volume. A noteworthy sum of 13.3 million LUNC was also levied as transaction fees. The trading world responded favorably to this move, pushing up the price of LUNC by slightly more than 3%.
Binance's operational model of Terra Classic results in automatic token burns with every network transaction. This intriguing feature correlates the number of tokens incinerated with the number in circulation, propelling a consistent decrease in total token supply. This strategy theoretically boosts their value progressively.
Previously, Binance set fire to more than 1 billion LUNC tokens in June, as reported by Coingape. Despite Binance scaling down its LUNC spot and margin trading fee contributions from 100% to 50%, the crypto community appreciated the backing received from the exchange giant and its CEO, Changpeng Zhao.
Strategic moves from ventures like DFLunc, Terra Casino, and Cremation Coin have bolstered the LUNC burn rate over the past two months. These efforts have resulted in the community successfully annihilating 68 billion LUNC tokens.
Following its major upgrade in May to align with Terra 2.0 and other Cosmos chains, the community is channeling its energy into minimizing the supply of LUNC and TerraClassicUSD (USTC) tokens.
In June, the LUNC price faced turbulence, struggling to exceed the $0.0001 mark and even dipping below the $0.000091 support level. Despite Binance's massive burn, LUNC price continues to grapple with pressure and persistent depreciation.
