Binance has conducted its 11th burn round, incinerating a staggering 2.65 billion Terra Classic (LUNC) tokens.
This recent activity contributes to a total of over 35.5 billion LUNC tokens burned by Binance, with the wider community’s burn surpassing an immense 68 billion.
After the burn, the circulating supply of LUNC has been effectively reduced, with the Terra Classic burn mechanism automatically destroying tokens to decrease the total token supply over time. This mechanism aims to theoretically increase the token value by creating scarcity.
Following the massive token burn, the price of LUNC has seen a noticeable 3% increase.
According to CoinMarketCap, the price of LUNC was trading at $0.00008675 at the time of writing.
The tokens burned in this round were transferred to a burn address, incurring a transaction fee of 13.25 million LUNC. This latest burn highlights Binance’s ongoing commitment to its token burn policy, aiming to maintain a balance in the token supply and demand dynamics.
The LUNC token burns and the subsequent price increase underscore the impact of supply mechanisms on the value of cryptocurrencies. As Binance continues its token-burning strategy, the market will closely monitor how this affects the long-term price and value of LUNC.
Also Read: Terra Luna Classic: Burning Binance-Reminted LUNC Token