![Terra LUNA] as of late gotten back in the saddle as its prominence enrolled a sharp rise in recent hours. Because of that, th](https://i0.wp.com/cryptolifedigital.com/wp-content/uploads/2024/03/terra-rise.png?fit=750%2C450&ssl=1)
In a move hailed by the Terra Luna Classic community, Binance, the world’s leading cryptocurrency exchange, executed a significant burn of LUNC tokens on April 1st, 2024. According to LUNC News, the amount burned reached 4.1 billion, pushing the total number of LUNC tokens removed from circulation to over 43 billion.
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BREAKING: #Binance burns 4.1 BILLION $LUNC. Thank you #binance for continuing to support the #LunaClassic community! #Crypto 🚀🌕 pic.twitter.com/TmLeYfmNww
— LUNC NEWS ⚡️ (@Chot4a) April 1, 2024
This burning mechanism aims to reduce the overall supply of LUNC, potentially leading to increased scarcity and a subsequent rise in price. The Terra Luna Classic community has heavily advocated for such measures following the dramatic crash of the original Luna token earlier in 2023.
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The burn process involves sending LUNC tokens to an inaccessible wallet address, effectively taking them out of circulation. Binance collects a portion of trading fees on LUNC transactions and allocates them for burning, demonstrating their commitment to supporting the revival of Terra Luna Classic.
This development comes amidst ongoing efforts to rebuild trust and value within the Terra Luna Classic ecosystem. While the long-term impact remains to be seen, the community seems optimistic about Binance’s continued support and the potential for LUNC’s price to recover.