ryptocurrency exchange Binance executed one of its largest LUNC burns yet, destroying over 2.2 billion tokens worth approximately $321,000 in a single day in late February 2024. This is merely the latest in a sustained effort by Binance to cut LUNC's circulating supply through regular burns.
A History of Supporting Terra Classic's Token Supply Management
Cumulatively, Binance has incinerated a stunning 53.49 billion LUNC across nearly 3,000 transactions going back to May 2022. Notable past burns include 5.57 billion tokens on New Year's Day 2024 and monthly burns averaging over 2 billion LUNC. In total, around 102 billion LUNC have been removed from circulation through Binance and community efforts.
Optimism Rises as Supply Decreases and Price Increases
By diligently burning substantial LUNC amounts each month, Binance aims to increase the token's scarcity and value over time. These efforts are working - LUNC's price rose nearly 50% in the last 30 days alone. With over 5.78 trillion still in circulation, consistently cutting supply could see LUNC experience a resurgence in the coming years.
Binance's longtime dedication to managing LUNC's supply through strategic burns has reignited optimism around Terra Classic's potential. As one of the largest exchanges, Binance is well-positioned to support LUNC's resurgence through ongoing reductions of total supply. The efforts of Binance and the Terra community over the past years appear to be yielding results for the project's future outlook.
