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Total LUNC Burned Crosses 24 Billion, But Is It Enough?

Total LUNC Burned Crosses 24 Billion, But Is It Enough?


NewsBTC
2022-10-25 17:00:52
Total LUNC Burned Crosses 24 Billion, But Is It Enough?

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 world. The 1.2% burn tax on all LUNC transactions has also helped the burned figure, making it one of the most reliable avenues for burning LUNC. Related Reading: $185 Million Worth Of AXS Tokens Set To Be Unlocked, Time To Get Out Of Axie Infinity? Binance’s burn is now about one month in the making and the exchange has already burned billions of LUNC. The latest Binance burn saw 1.3 billion tokens being taken out of circulation. However, one thing was apparent and that is the fact that the amount of LUNC being burned by the exchange has consistently declined over the last 4 weeks. This is understandable given that the burned tokens are those realized from trading fees and LUNC trading volume has been on the decline. Nevertheless, there is already more than 24 billion LUNC burned so far. This translates to over $5.5 million worth of tokens burne...

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