Binance Burns Over 4 Billion LUNC Tokens, Reigniting Hope for Terra Classic Revival

Binance Burns Over 4 Billion LUNC Tokens, Reigniting Hope for Terra Classic Revival

Apr 04 Tech Standard

Cryptocurrency exchange giant Binance has reignited hope for the revival of Terra Classic (LUNC) with a recent burn of over 4 billion tokens. This burn, executed on April 1st, represents Binance's commitment to supporting the ongoing Terra Classic revival plan.

Data confirms that Binance incinerated exactly 4,175,855,418 (4.17 billion) LUNC tokens, worth over $585,000 at current prices. This figure fulfills Binance's promise to burn 50% of its LUNC trading fees for the month of March, demonstrating their dedication to the project's revitalization.

Binance's Commitment to Terra Classic

Despite facing legal challenges and leadership changes, Binance has remained steadfast in its support for Terra Classic. This recent 4 billion burn follows a previous 2.21 billion burn transaction completed on March 1st. Notably, Binance has consistently delivered on its promise throughout 2024, with prior burns occurring in January and February.

The exchange's total contribution to the burn campaign now surpasses 14 billion LUNC, valued at approximately $1.96 million at the time of writing. Binance has solidified its position as the largest Terra Classic burner, accounting for over 50% of all burns since the initiative began.

LUNC's Price and the Path to $1

While the recent burn is significant, LUNC's price unfortunately followed the broader crypto market's downtrend, experiencing a drop of over 8.65% in the following days. This decline pushed LUNC below the $0.00015 price point, further dampening hopes of a swift recovery.

The Terra Classic community, however, remains optimistic about the token's potential for rejuvenation. Their vision involves LUNC reaching $1, with the ongoing burn campaign playing a crucial role.

The community believes that significantly reducing the circulating supply through large-scale and sustained burns can bolster LUNC's value. However, with a current circulating supply of 5.82 trillion tokens, achieving this goal within a reasonable timeframe would require an unprecedented level of burning, even with Binance's ongoing contributions.

LUNC currently trades at $0.0001401, demonstrating minimal growth this year despite a positive market trend. To reach $1, LUNC would require a staggering increase of over 713,675% from its current position.


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