Binance Burns 4.17 Billion Terra Luna Classic (LUNC)

The world’s largest crypto exchange Binance burned 4.17 billion Terra Luna Classic (LUNC) tokens in its 20th batch of the LUNC burn mechanism. Following the latest burn by Binance, the net LUNC burned by the crypto exchange has now surpassed over 56 billion. Moreover, the total tokens burned by the Terra Luna Classic community has reached over 110 billion.

Binance Burns 4.17 Billion Terra Luna Classic (LUNC)

Crypto exchange Binance sent 4 billion Terra Luna Classic (LUNC) tokens to the burn address, as per the transaction on April 1.

Notably, the 20th batch of the LUNC burn mechanism Binance burned over 350 million in trading fees for the period between February 29 to March 30. Binance has now burned nearly 56 billion Terra Luna Classic (LUNC) tokens from trading fees on LUNC spot and margin trading pairs.

In March, Binance burned 2.21 billion Terra Luna Classic (LUNC) tokens. The crypto exchange continues to burn LUNC every month under the new CEO Richard Teng, meeting the commitment by ex-CEO Changpeng Zhao to the Terra Luna Classic Community.

Meanwhile, the daily burn rate has decreased as compared to earlier months due to an increase in LUNC price. However, the trading volume on crypto exchanges remained higher amid a massive rally in Bitcoin price and altcoins.

Read More: LUNC Price Rallied 400%, Analyst Predicts Further 270% Upside on Breakout

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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