$Binance, the world’s largest cryptocurrency exchange, has completed its 19th batch of the Terra Luna Classic (LUNC) token burn mechanism, effectively removing 2.21 billion LUNC tokens from circulation. This action has brought the total number of LUNC tokens burned by Binance to over 53 billion, marking a significant contribution to the Terra Luna Classic community’s efforts to reduce the token’s circulating supply. The burn event occurred on March 1, with the tokens being sent to a designated burn address, signaling a continued commitment to the LUNC burn campaign.

The recent burn is part of a broader initiative by the Terra Luna Classic community to decrease the number of LUNC tokens in circulation, aiming to affect the token’s value and stability positively. The community has collectively surpassed the 100 billion LUNC tokens burned milestone, showcasing the collaborative effort to support the Terra Luna Classic ecosystem. This milestone has reportedly uplifted the community’s sentiment and confidence, reinforcing the collective endeavor to enhance the token’s utility and market presence.

LUNC community burns over 102 billion tokens

Following this latest burn, the total LUNC burn by the Terra Luna Classic community now exceeds 102 billion tokens. Crypto exchanges, validators, projects, and individual community members have been participating in the burn initiative, averaging over 400 million LUNC tokens burned weekly. This concerted effort is part of a larger strategy to manage the token’s supply and increase its market value over time.

Binance’s consistent participation in the LUNC burn mechanism underscores the exchange’s support for the Terra Luna Classic project and its community. The increase in LUNC trading volume on Binance, spurred by a recent rally in Bitcoin prices and the altcoin market, has contributed to a higher burn rate, with a current circulating supply of 5.78 trillion and a total supply of 6.80 trillion LUNC tokens.

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