Terra Classic (LUNC) Burn Rate Increases by 176,084% in One Day As Total Burns Exceed 18 Billion

Ongoing LUNC fires gain traction.

Binance’s participation in the ongoing LUNC burn has resulted in an increase in the quantity of Terra Luna Classic tokens destroyed. According to data supplied by LUNC Burn, an unauthorized Twitter account that follows the cryptocurrency’s continual burning, a total of 18.12 billion Luna Classic tokens have been burned from the asset’s total supply.

Today, the Luna Burn Tracker also reported a 176,084% rise in burns over the previous day.

Binance Speeds Up LUNC Burns

Binance, the world’s largest cryptocurrency exchange by 24-hour trading volume, delivered approximately 3 billion LUNC tokens to the official burn wallet yesterday.

Binance delivered the wallet 2,992,563,505 LUNC worth approximately $922 million. The recent combustion of approximately 3 billion LUNC coins by Binance increased the Luna Classic daily burns by 176,084%.

Binance highlighted its unique manner of supporting the Luna Classic community, in addition to paying the 1.2% tax burn for all LUNC on-chain transactions. In order to make Terra collapse victims whole again, the exchange created a process that burned all fees earned from LUNC spot and margin trading pairs.

Binance sent over 5 billion LUNC to the address last week as part of the effort. This week, the exchange demonstrated its dedication to the community by burning approximately 3 billion LUNC.

Binance has currently burned 8.5 billion Luna Classic coins through the project.