Terra Classic (LUNC) Massive Burn on Binance

Binance Revises Terra Classic ($LUNC) Burn to Monthly Basis
  • During the previous week, 4.39 billion LUNC were burned.
  • Since the introduction of the burn mechanism, a total of 19.22 billion LUNC have been burned.

According to a recent report, a group called the Terra Rebels is devising measures that will hasten the LUNC’s demise. The goal of improving this coin’s burning is to reduce the token supply because the on-chain tax is insufficient.

Terra Rebels have proposed solutions that will hasten the burning process. Instead of an on-chain tax, the team agreed that developing more utility and dApps competing to burn LUNC would be one of the most effective methods. This will accelerate the burning process.

More Than 19 Billion LUNC Were Burned

During the previous week, 4.39 billion LUNC were burned, according to the LUNC Tech portal. 3 billion LUNC came from Binance, while the remainder were burned due to taxes on other exchanges. According to the portal, 19.22 billion LUNC have been burned since the burn mechanism was implemented, which is equivalent to 0.28% of the total supply of tokens. 

The collection of the third batch of LUNC trading fees on Binance has concluded. The results of the burn will be made public on Monday, October 17. A glance at the LUNC trading volume figures provided by CoinMarketCap gives the impression that the figures are higher or equal to the previous week’s volume, implying that no less than 3 billion LUNC will be burned via Binance again. 

LUNC current price is $0.000265 , with a 24-hour trading volume of $20,69,05,929. LUNC has decreased by 1.33% in the last 24 hours as per CMC.

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