The world’s largest crypto exchange Binance has sent over 5 billion Terra Classic (LUNC) tokens to the burn address. Binance earlier announced burning trading fees on LUNC spot and margin trading pairs every Monday after the Terra community expresses dissatisfaction with the “opt-in button” proposal. As a result, the LUNC price jumps over 5%.
Binance Sends Over 5 Billion Terra Classic (LUNC) Tokens to Burn Address
Binance has burned nearly 5.59 billion Terra Classic (LUNC) tokens by sending them to the burn address on October 3 at 1:16 PM UTC. Also, the transaction fee is 67.15 million LUNC. The first batch of LUNC trading fees burned is for the period between September 21 to October 2.
The crypto exchange earlier announced burning all trading fees on LUNC spot and margin trading from the previous week every Monday. Moreover, a report on the burn and the next on-chain burn transaction will be updated every Tuesday.
While many expected Binance to burn about 15 billion every week, the numbers for the first burn are far below. The reason is that calculations took into account a default of 0.1% on all transaction fees. Moreover, investors use the Binance VIP program to trade with low fees depending on their volume.
Furthermore, David Gokhshtein, the founder of Gokhshtein Media, has shown interest in Terra Classic (LUNC) after being a critic for a long time. In a recent tweet, David Gokhshtein compares LUNC to SHIB. However, he believes utility is the key to success.
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“LUNC reminds me a bit of the SHIB — in a sense of how crazy the community was when they first popped on the scene. But utility is key.”
Terra Classic Price Jumps After Burn
The Terra Classic (LUNC) price jumped over 5% to hit a high of $0.00035 in the last 24 hours. However, the price quickly reverses due to the difference between the burned and expected values. The LUNC price is trading at $0.00031, down over 3%.
Interestingly, the Terra Classic community aimed to increase the burn rate and the number was not a concern. With Binance burning over 5.5 billion tokens, the total burned has reached over 13.62 billion LUNC tokens. Moreover, the burning rate has increased to 464,564,401 LUNC burned per day.