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Binance burns additional Terra Luna Classic tokens
The largest cryptocurrency exchange globally, Binance, has currently burned 1.4 billion Terra Luna Classic (LUNC) tokens during the monthly burning process.
Therefore the cumulative number of LUNC tokens burned by Binance has exceeded 59 billion. Furthermore, the Terra Luna Classic community has burned over 113 billion tokens, and Binance is one of the supporting companies since 2022.
Token burning is the deliberate removal of a certain amount of cryptocurrency from circulation, typically by sending it to a burning address, rendering it unrecoverable. This process reduces the total supply of the token, potentially increasing its scarcity and value over time.
However, Binance contributed 56,911 LUNC tokens to the burn address similar to what we saw in previous months. For example, in May Binance burned 4.17 billion LUNC tokens on spot and margin trading pairs, further adding to the amount already burned in the network.
In contrast to general trading volume and prices, which are affected by recent market downturns, the LUNC is resilient, particularly following the cryptocurrency market’s growing recovery trend. LUNC rates are up more than 7.10% in one day now standing at $0.0001109, however, the USTC rose 5% to $0. undefined
This burning of LUNC tokens by Binance is a sign of its continued support for Terra Luna Classic which, in turn, contributes to the growth of its ecosystem despite market challenges.
Read also: Coinbase considers relisting Terra Luna Classic (LUNC)