Binance recently conducted its monthly burning event for Terra Classic (LUNC), where it became evident how much of the cryptocurrency was burned. These events are regular occurrences aimed at reducing the total supply of LUNC tokens available in circulation.
According to data, cryptocurrency exchange Binance is continuing its routine burns of Terra Classic (LUNC). These burns are part of Binance’s regular practice to reduce the total supply of LUNC tokens in circulation.
Binance Burns 1.3 Billion LUNC Tokens in June
In June, Binance has conducted three transactions burning approximately 1.3 billion Terra Classic (LUNC) tokens, totaling around $144,000 at current prices. Despite this significant burn, LUNC, valued at $615 million, has only seen a marginal decrease of about 10% in the past week.
Binance has been responsible for roughly half of all Terra Classic token burns to date, totaling $6.4 million in value. This represents approximately 1% of the altcoin’s total supply burned by the exchange so far.
Typically, Binance conducts its largest token burns at the beginning of each month, with smaller burns occurring sporadically throughout. As June progresses, additional burns of Terra Classic tokens by Binance may be anticipated.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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