Binance Eliminates 4B LUNC Following Stellar 300% Terra Run

Binance cuts off nearly four billion Terra Luna Classic coins out of circulation, sparking community excitement.

Binance lady slashing digital planet LUNC into pieces.
Created by Kornelija Poderskytė from DailyCoin
  • Top crypto exchange Binance magnifies monthly Terra Classic burns by 5x.
  • LUNC, USTC has hit triple-digit gains in the last 30 days to return to the TOP 100.
  • Terra Classic community cheers Binance’s move, also asking to burn USTC.

The 16th batch of Terra Classic’s trading fee burn on the world’s largest crypto exchange destroyed nearly four billion $LUNC tokens. The cryptocurrency burning upswing has planted optimism among Terra Classic community members, as the latest burning ceremony by Binance signifies a five-times increase since last month’s burn.

Cumulatively, Binance had already contributed towards burning 43 billion Terra Luna Classic (LUNC) tokens, encompassing 52% of total burns. The latest burning transaction on December 1, 2023, sent 3,903,522,969 LUNC tokens to the bottomless pit. Ultimately, this leaves 6,824,412,252,043 $LUNC coins left in circulation.

Enormous Gains for LUNC, USTC Amid Terra Chain Revival

Compared to November’s burn, the huge difference between nearly four billion LUNC this month and the previous 778M LUNC trading fees burn comes from the increased trading activity on Binance Spot pairs. On top of that, Binance just added additional trading pairs for Terra’s $USTC, causing even more excitement for Terra Classic holders.

Last week, as the Terra Classic community passed a crucial proposal to tackle the sequence mismatch issue when distributing validator commission, the embattled native coin of the Terra Classic chain surprisingly sparked by 300% upon approval. At the time of publication, the game-tested LUNC trades at $0.00011618 with 2% daily gains, according to CoinGecko.

Meanwhile, Terra Classic USD (USTC) shocked the crypto community with an instantaneous run to four cents on November 27, 2023, later topping $0.072, the highest price of $USTC since the horrendous Terra system crash in May 2022. At press time, $USTC trades at $0.051, according to CoinGecko.

Ultimately, November’s triple-digit run for LUNC and Terra Classic USD marks the most successful month for these altcoins since the de-pegging in 2022.

Terra Classic’s revitalization efforts are evident in the return of the market swap function, Terraport relaunch, and an upcoming community-owned decentralized debit card.

On the Flipside

  • Eradicating Terra Luna Classic coins for 16 months in a row in monthly batches, Binance is now requested by Terra community members to do the same with Terra Classic USD.

Why This Matters

Cryptocurrency burning effectively reduces the number of coins in the circulating supply, helping maintain the cryptocurrency’s long-term market value and viability.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.