Terra Classic

Terra

Binance, the world’s largest cryptocurrency exchange, has executed a <a href="https://bitcoinist.com/terra-classic-surges-as-binance-burns-tokens-is-it-too-late-to-buy-lunc/" target="_blank" rel="noopener ">large-scale token burn</a>, opting to incinerate over 2 billion LUNCs in a single day.&nbsp; 
<h2 id="b-binance-initiates-massive-lunc-burns-b">Binance Initiates Massive LUNC Burns</h2> 
A new report from a Terra Luna army member on X (formerly Twitter) has <a href="https://x.com/terra_army/status/1763502254147981655?s=46" target="_blank" rel="noopener nofollow">unveiled</a> a massive 2.2 billion LUNC burn initiated by Binance. The cryptocurrency exchange incinerated approximately 2,243,572,668 <a href="https://bitcoinist.com/terra-classic-lunc-continues-to-rally-could-this-be-the-next-meme-coin-to-soar/" target="_blank" rel="noopener ">LUNC tokens</a> valued at around $321,301.&nbsp; 
Cumulatively, Binance has <a href="https://www.luncmetrics.com/top-burners/binance" target="_blank" rel="noopener nofollow">executed</a> a total of 53.49 billion LUNC burns across 2,956 transactions, starting from May 2022. Earlier in February 2024, the crypto exchange kickstarted the month with over 2.09 billion LUNC burns.&nbsp; 
At the start of the year, on January 1, Binance also executed another massive burn of 5.57 billion LUNC tokens. The crypto exchange has been on a <a href="https://www.newsbtc.com/crypto/new-proposal-wants-to-burn-all-coins-in-lunc-oracle-pool-will-this-help-the-price/" target="_blank" rel="noopener nofollow">LUNC burning spree</a> for years, displaying a tradition of burning a considerable amount of LUNC tokens on the first of every month.&nbsp;&nbsp; 
Presently the total amount of LUNC tokens <a href="https://www.luncmetrics.com/" target="_blank" rel="noopener nofollow">burned</a> since May 2022 is estimated at 102.14 billion. This includes both Binance’s large-scale burns and that of the <a href="https://www.newsbtc.com/terra-luna/terra-classic-burns-lunc-ustc/" target="_blank" rel="noopener nofollow">Terra Classic community.&nbsp;</a> 
Commemorating <a href="https://bitcoinist.com/binance-major-catalyst-lunc-rally/" target="_blank" rel="noopener ">Binance’s commitment towards Terra Classic</a> via its burn initiatives, the Terra Luna army expressed gratitude to Binance’s previous and current Chief Executive Officers (CEO), ChangPeng Zhao and Richard Teng respectively, for their continuous support.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/FyXtacnu/" width="1835" height="883"> 
Binance’s token-burning efforts not only emphasize the exchange’s dedication to promoting sustainable growth within the Terra ecosystem but also reflect its collaborative spirit with the Terra community to initiate a reawakening of the <a href="https://bitcoinist.com/terra-classic-lunc-is-ready-to-explode-analyst-warns/" target="_blank" rel="noopener ">Terra Classic ecosystem</a>.&nbsp; 
<h2 id="b-terra-classic-potential-resurgence-b">Terra Classic Potential Resurgence&nbsp;</h2> 
As the <a href="https://bitcoinist.com/ustc-lunc-1-terra-classic-proposal/" target="_blank" rel="noopener ">Terra Classic community</a> remains appreciative of Binance’s proactive steps towards increasing the value of the token, <a href="https://x.com/mrdiamondhandz1/status/1762448496022487141?s=46" target="_blank" rel="noopener nofollow">anticipation</a> has ignited the potential <a href="https://bitcoinist.com/lunc-recovery-impossible-terra/" target="_blank" rel="noopener ">resurgence of the Terra Classic</a> market.&nbsp; 
Typically, burning tokens is a common practice conducted to manage a cryptocurrency’s total supply, potentially influencing its market’s dynamics. Binance’s decision to execute its 2.2 billion <a href="https://www.newsbtc.com/news/lunc-burn-tax-set-to-rise-to-0-5-as-kucoin-proposal-receives-approval/" target="_blank" rel="noopener nofollow">LUNC burn</a> has sparked optimism for a potential resurgence for Terra Classic. 
Presently, LUNC’s total supply sits at approximately 5.78 trillion and Binance’s monthly burns have been steadily cutting down supply, aiming to increase scarcity and potentially triggering a <a href="https://bitcoinist.com/lunc-price-surged-20-why/" target="_blank" rel="noopener ">price surge</a> for the cryptocurrency.&nbsp; 
Furthermore, the Terra Classic community has <a href="https://x.com/marketinglunc/status/1763126457033781304?s=46" target="_blank" rel="noopener nofollow">disclosed</a> that LUNC is currently showing great strength after breaking through key resistance levels. The cryptocurrency has experienced a significant upsurge of 49% in the past 30 days, highlighting its strength and potential in the market.&nbsp; 
The community has also unveiled the emergence of upcoming projects and new partnerships that could take the <a href="https://bitcoinist.com/lunc-bullish-crypto-price-0-0005/" target="_blank" rel="noopener ">value of LUNC</a> and the Terra Classic ecosystem to new heights.&nbsp; 
Featured image from Pexels, chart from TradingView

Terra Classic Poised To Reawaken As Binance Burns 2.2 Billion LUNC

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