The prominent cryptocurrency exchange, Binance, has successfully eliminated 1,149,430,203 LUNC tokens from the surplus supply of Terra Classic. As reported by the community tracking platform Luncmetrics, this burn took place in a single transaction on Thursday, August 1. During this transaction, approximately 1.149 billion tokens were moved from the wallet “terra18…24sqe” to an untraceable dead address. Despite this considerable reduction in supply, LUNC’s market performance has not improved, with the asset currently trading in the negative.
### Binance LUNC Burn in 2024
Before this recent burn, Binance had previously incinerated 132,316 tokens just two weeks prior. Significantly, the 1.149 billion LUNC tokens burned on August 1 accounted for half of the trading fees collected by Binance from LUNC transactions during July.
Binance has pledged to destroy 50% of the trading fees it generates from LUNC trades each month, contributing to ongoing burn initiatives and efforts to rejuvenate the token. However, it’s important to note that the amount burned from the fees in July is much lower than the volume of LUNC tokens burned at the end of June. According to Luncmetrics, Binance burned 1.7 billion tokens on July 1, which exceeds the August burn by more than 551 million tokens.
The last substantial burn occurred in April when Binance annihilated 4.17 billion LUNC tokens. The only burn to surpass this in 2024 was the record-setting 5.5 billion tokens incinerated on January 1, marking the second-largest burn of LUNC by Binance on record. The highest single transaction burn occurred in March 2023, when Binance destroyed 8.8 billion tokens.
Since May 2022, Binance has removed a staggering 63.27 billion LUNC tokens from circulation. This amount represents 49.3% of the total efforts aimed at mitigating the excess supply of Terra LUNC Classic, solidifying Binance’s position as the leading burner of LUNC tokens.
### Other Entities Burning Terra Classic
The next largest contributor to the burn efforts, DFLUNC Protocol, has eliminated 4.51 billion tokens, making up 3.5% of the total burns. Alongside other organizations, including team members and exchanges like KuCoin, MEXC, and Bybit, over 128 billion LUNC tokens have been taken out of circulation. However, despite these efforts, Terra Classic still has over 6.7 trillion tokens in circulation, which continues to exert downward pressure on its market value. Currently, LUNC is trading at approximately $0.00007491, reflecting negative price growth across key timeframes.
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