Terra Classic Poised To Reawaken As Binance Burns 2.2 Billion LUNC

Binance, the world’s largest cryptocurrency exchange, has executed a large-scale token burn, opting to incinerate over 2 billion LUNCs in a single day. 

Binance Initiates Massive LUNC Burns

A new report from a Terra Luna army member on X (formerly Twitter) has unveiled a massive 2.2 billion LUNC burn initiated by Binance. The cryptocurrency exchange incinerated approximately 2,243,572,668 LUNC tokens valued at around $321,301. 

How To Get Free Crypto  

Cumulatively, Binance has executed a total of 53.49 billion LUNC burns across 2,956 transactions, starting from May 2022. Earlier in February 2024, the crypto exchange kickstarted the month with over 2.09 billion LUNC burns. 

At the start of the year, on January 1, Binance also executed another massive burn of 5.57 billion LUNC tokens. The crypto exchange has been on a LUNC burning spree for years, displaying a tradition of burning a considerable amount of LUNC tokens on the first of every month.  

Presently the total amount of LUNC tokens burned since May 2022 is estimated at 102.14 billion. This includes both Binance’s large-scale burns and that of the Terra Classic community. 

Commemorating Binance’s commitment towards Terra Classic via its burn initiatives, the Terra Luna army expressed gratitude to Binance’s previous and current Chief Executive Officers (CEO), ChangPeng Zhao and Richard Teng respectively, for their continuous support. 

Coinbase Banner  

Total crypto market cap is currently at $2.26 trillion. Chart: TradingView.com

Binance’s token-burning efforts not only emphasize the exchange’s dedication to promoting sustainable growth within the Terra ecosystem but also reflect its collaborative spirit with the Terra community to initiate a reawakening of the Terra Classic ecosystem

Terra Classic Potential Resurgence 

As the Terra Classic community remains appreciative of Binance’s proactive steps towards increasing the value of the token, anticipation has ignited the potential resurgence of the Terra Classic market. 

Typically, burning tokens is a common practice conducted to manage a cryptocurrency’s total supply, potentially influencing its market’s dynamics. Binance’s decision to execute its 2.2 billion LUNC burn has sparked optimism for a potential resurgence for Terra Classic.

Presently, LUNC’s total supply sits at approximately 5.78 trillion and Binance’s monthly burns have been steadily cutting down supply, aiming to increase scarcity and potentially triggering a price surge for the cryptocurrency. 

FreeBitcoin Banner  

Furthermore, the Terra Classic community has disclosed that LUNC is currently showing great strength after breaking through key resistance levels. The cryptocurrency has experienced a significant upsurge of 49% in the past 30 days, highlighting its strength and potential in the market. 

The community has also unveiled the emergence of upcoming projects and new partnerships that could take the value of LUNC and the Terra Classic ecosystem to new heights. 

Featured image from Pexels, chart from TradingView

Go to Source
Author: Scott Matherson

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.