Binance, the leading cryptocurrency exchange, has executed its May Terra Classic (LUNC) burn, sending over 1.7 billion tokens to oblivion amidst a price decline below the crucial $0.0001 level.
Over 1.4 Billion LUNC Vanquished
Data from Terra Finder, a Terra Classic block explorer, confirms the burn transaction involved 1,404,956,147 LUNC tokens, currently valued at approximately $134,468. This burn, conducted on May 1st at 10:33 UTC, aligns with Binance’s monthly LUNC burn routine.
These 1.4 billion tokens represent 50% of the LUNC trading fees collected by Binance throughout April. While a significant amount, it marks a 66% decrease from the March burn, attributed to lower LUNC trading activity last month.
Binance Leads the Burn Charge
Despite the reduced amount, Binance remains the single largest Terra Classic burner, contributing over 58.93 billion LUNC to the burn campaign since its inception, representing a monetary value of $5.6 million. Remarkably, this translates to a staggering 52.3% of all LUNC tokens burned since the community-led initiative began in May 2022.
The burn campaign emerged as an attempt to revitalize the Terra Classic ecosystem following its collapse two years ago. Binance, under the leadership of former CEO Changpeng “CZ” Zhao, initially pledged to burn 100% of LUNC trading fees. However, controversies surrounding the potential reminting of burned tokens led to a revised commitment of 50%.
Burn Commitment Remains Despite Challenges
Despite facing global regulatory hurdles and the recent leadership change with CZ stepping down as CEO, Binance has maintained its 50% burn commitment. TerraCVita team lead and prominent Terra Classic community figure Rexyz commended the exchange and its current CEO, Richard Teng, for their continued support.
Also Read: Terra Luna Classic Shifts LUNC Burn Tax Distribution, Focuses on Oracle
Lowest Burn of 2024, Yet Significant Contribution
This latest burn, while the lowest this year, brings Binance’s total LUNC burns for 2024 to 15.75 billion. It comes amidst a broader crypto market downturn that has dragged LUNC down, causing it to fall below the critical $0.0001 price point on April 30th. The token currently trades at $0.00009590, reflecting a 3.92% decline over the past 24 hours.
While the price decline may be concerning, Binance’s consistent LUNC burns demonstrate its commitment to supporting the Terra Classic community, potentially influencing the token’s long-term trajectory.
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