Binance, the worldâs largest cryptocurrency exchange by 24 hours trade volume, has completed another massive burn of Terra Classic (LUNC) for the fourth time in four weeks.Â
According to data from LUNC Burn, an unofficial Twitter account that tracks the incineration of Terra Classic tokens, Binance has burnt another 1.3 billion LUNC.Â
The worldâs largest cryptocurrency exchange burned whopping LUNC tokens using the fees obtained from LUNC spot and margin trading pairs in the last seven days.Â
âbinance has burned around 1.3b Lunc with this weekâs fees by the look of the burn tracker,â LUNC Burn made the announcement today.
Binance Continuous Support For Terra Classic
The development further backs Binanceâs commitment to helping victims of Terra ecosystem collapse boost the value of the cryptocurrency. Recall that Binance announced last month that it would burn fees generated from LUNC trading activities. So far, the exchange has stayed true to its words by incinerating billions of LUNC weekly.Â
Binance first âever-Terra classic burn involved a whopping amount of 5.5B LUNC tokens, the second batch destroyed 2.9B LUNC. Binance burnt about 2.5B Terra Classic tokens in its third batch and 1.3B in its fourth weekly burn, bringing the total burn from the exchange to 12.3B tokens. Because of a bear market and low trading volume, the burns decrease per week.
At LUNCâs current exchange rate of $0.00023115, Binance has burnt a total of $2.82 million worth of Terra Classic tokens.
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