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In a significant development for the cryptocurrency market, Binance, the world’s largest crypto exchange, has announced the burning of 4.17 billion Terra Luna Classic (LUNC) tokens. This move underscores Binance’s commitment to bolstering the Terra Luna Classic ecosystem and marks a milestone in the ongoing evolution of the crypto industry.
Binance’s Token Burn Event
The crypto community saw one of the biggest token burn events today with Binance burning 4.17 billion Terra Luna Classic (LUNC) tokens, thereby marking the total number of tokens burned by the exchange till date to over 56 billion.
With the Terra Luna community having previously vowed to burn landmark numbers on LUNC tokens to enhance the price, Binance has shown continued support to the Terra ecosystem under the leadership of the new CEO Richard Teng. Binance’s active commitment to Terra Luna Classic includes not only token burning but also engaging in various initiatives to support the ecosystem.
According to the announcement, “The 20th version of the LUNC burn initiative by Binance purged around 350 million tokens, symbolizing trading fees collected from February 29 to March 30.”
Following the token burn event, the prices of LUNC and USTC witnessed a significant upsurge with LUNC rising by 3% and trading at $0.000153. Nonetheless, it is evident from the overall trend that investor interests have renewed in the token and in the long run, Terra Luna tokens will mark a good upward movement.