Terra Community Burns 25 Billion LUNC Tokens, Will It Reach The Highs?
The Terra Classic LUNC has been putting more effort into resuscitation its new position in the crypto space. Unfortunately, the algorithmic stablecoin Terra and LUNA collapse in May caused a massive loss in the industry. The crisis intensified the crypto winter of the year, leading to the loss of billions of dollars. However, the new Terra ecosystem is gradually building against its previous loss. One of its distinctive approaches is the protocol’s burning mechanism. This action brought about the 1.2% tax burn for on-chain LUNC transactions, as proposed by one of the Terra community....
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Terra Classic is showing some signs of life thanks to a system that is being implemented by leading cryptocurrency exchange platform, Binance. Binance burns another 3 billion LUNC, brings total of burned units to 17.9 billion LUNC briefly exhibits upward price rally, up by 5% in the past 24 hours at one point A 12% dip might bring Terra Classic price all the way to $0.00018 It can be recalled that on September 26, 2022, the company decided to burn all spot and margin trading fees on LUNC transactions by sending them to a specific wallet address. This was Binance’s response to the proposal....
LUNA Classic (LUNC) is still receiving a lot of support from investors and firms in the space despite having lost a significant portion of its value after the Terra network crash. LUNC’s supply ballooned during this time, reaching trillions of tokens in circulation. This increased supply continues to hinder the increase in price for the digital asset, prompting various burn initiatives to help reduce its supply. More Than 24 Billion LUNC Burned Since the LUNC burn was implemented a couple of months ago, it has ramped up to include burns from Binance, the largest crypto exchange in the....
The hype around Terra Classic's staking service and new token-burning feature is helping fuel the LUNC rally. Terra Classic (LUNC) has outperformed all top-ranking cryptocurrencies so far in September gaining nearly 100% in the past seven days alone.Terra Classic outperforms crypto marketThe token surged more than 250% month-to-date to reach $0.000594 on Sep. 8, its best level on record. Whereas Bitcoin (BTC), dropped 4%, and Ether (ETH) gained only 3.5% in the same period.The profits in the Terra Classic market appeared despite its association with the defunct Terra (LUNA) token, a $40....
According to the crypto exchange, the burn was the equivalent of 1,863,213.47 USDT — roughly 5.5 million LUNC. Cryptocurrency exchange Binance has announced it completed the first burn of Terra Classic tokens’ trading fees in response to a community proposal from September.In an Oct. 3 update, Binance CEO Changpeng Zhao said the exchange had burned roughly $1.8 million worth of Terra Classic (LUNC) — formerly Terra (LUNA) — trading fees for LUNC/BUSD and LUNC/USDT spot and margin trading pairs. According to Binance, the burn included the equivalent of 1,863,213.47 Tether (USDT) — roughly....
The LUNA Classic (LUNC) community has now been burning the cryptocurrency for a couple of months now following the collapse of the Terra network. It has been on a reasonable momentum since then with the likes of Binance joining in on the action. So far, there have been more than 26 billion tokens burned, but […]