Binance, the largest cryptocurrency exchange globally, has recently conducted a significant burn of over 4 billion Terra Classic (LUNC) tokens, which has reignited hope for the coin’s revival and the possibility of it reaching $1.
This burn took place on April 1 and demonstrates Binance’s commitment to supporting the Terra Classic revival campaign. Data from Terra Finder confirms that the exchange burned precisely 4,175,855,418 LUNC tokens, equivalent to over $585,000 at current prices.
The amount burned represents 50% of the fees collected by Binance on Terra Classic trades throughout March, as promised by the exchange. Binance pledged to burn 50% of its LUNC trading fees each month to support the burn campaign and the revitalization plan.
Despite facing legal issues with U.S. authorities and the departure of former CEO Changpeng “CZ” Zhao, Binance has remained true to its word. Notably, the recent burn of 4 billion tokens follows a previous burn transaction of 2.21 billion tokens carried out by the platform on March 1.
Remarkably, Binance has consistently fulfilled its promise this year, with the first two burns occurring as scheduled. On January 1, the exchange burned 5.57 billion LUNC tokens, followed by the burning of 2.095 billion tokens on February 1. In total, Binance has now burned over 14 billion LUNC tokens, valued at $1.96 million.
Binance has established itself as the leading burner of Terra Classic tokens, with the latest burn transactions bringing the total burns to 57.66 billion since the beginning of the burn campaign. Notably, the total number of LUNC tokens burned by all entities has now reached 114 billion, with Binance accounting for 50% of all burns.
Despite the significant burn of 4 billion tokens on April 1, LUNC, like the broader crypto market, experienced a bearish trend, dropping by as much as 5.59% in a major intraday slump. On April 2, Terra Classic witnessed another decline, resulting in an 8.65% collapse.
The possibility of LUNC reaching $1 is still being discussed by the Terra Classic community, despite the token slipping below the $0.00015 price range. The community believes that a revival for the Terra Classic ecosystem is feasible, with a sustained burn campaign potentially reducing the token’s circulating supply enough to support a rise to $1.
However, at present, LUNC still has a substantial circulating supply of 5.82 trillion tokens. Even with Binance’s significant contribution, it could take several years for the campaign to deplete this supply. To reach its goal, the community would require an unprecedented burn event.
Currently, Terra Classic is trading at $0.0001401, showing a meager 1% increase this year, despite the rest of the market experiencing a notable uptrend during the bull run. LUNC would need to rally by 713,675% from its current position to reach $1.
Disclaimer: This article is intended for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.