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Binance Burns Over 1.34 Billion Terra Classic Coin (LUNC)

Binance Burns Over 1.34 Billion Terra Classic Coin (LUNC)

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Answer Binance Burns Over 1.34 Billion Terra Classic Coin (LUNC)

The world’s largest cryptocurrency exchange Binance has burned over 1.34 billion Terra Classic (LUNC) cryptocurrencies in the fourth batch of Binance’s coin-burning mechanism.

In addition to the recent burn, Binance sent approximately 12.5 billion LUNC in total to the burn address.

Binance sends over 1.34 LUNC coins to the burn address:

in official announcement On October 24, Binance revealed that it had burned more than 1.34 billion Terra Classic (LUNC) coins in the fourth batch of the weekly burning mechanism on Binance.

The transaction fee for a burn transaction is 2.68 million LUNC.

Cryptocurrency exchange Binance has burned nearly 12.5 billion LUNC using trading fees on spot and margin trading pairs.

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However, Binance burns of the LUNC cryptocurrency continuously decreased weekly.

The CEO of Binance “CZ” has proposed lowering the burn tax increase on off-network and on-network transactions.

The Terra Classic community successfully passed Proposition 5234 which aims to reduce transaction tax to 0.2% and allocate 10% of the funds to the development of the project.

Binance actually revised the changes to tax burning last week.

The next LUNC burn will be critical for the community to determine if the reduced tax increases trading volume.

Some LUNC enthusiasts tweeted, calling for Binance to increase the burn rate.

Terra Classic cryptocurrency plummeted after the burn:

After Binance burned, the price of the Terra Classic dropped to less than $0.00024.

In the last 24 hours, LUNC price has fallen by more than 1% and trading volume has decreased by nearly 20%.

Meanwhile, the community has burned over 24 billion LUNC coins.

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The burn rate has decreased slightly to less than 700 million LUNC coins per day.

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