Since May 2022, the Terra Luna Classic (LUNC) community has undertaken a massive token burn initiative, successfully eliminating 95 billion LUNC by January 2024. This effort has significantly decreased the circulating supply, with Binance, the leading cryptocurrency exchange, contributing more than half of the total burns.
Terra Luna Classic’s Burning Milestone
The collective endeavor of exchanges, validators, and the LUNC community has propelled the burn count to an impressive 95 billion tokens. The weekly burns average around 600 million LUNC, with a noticeable uptick in activity since November.
Binance has been at the forefront of this movement, consistently leading monthly burn efforts. Their 17th burn event alone removed 5.57 billion LUNC from circulation, bringing their total contribution to over 50 billion tokens.
Despite the community’s proactive approach to reducing supply, a proposal to burn a substantial amount of USTC and LUNC from the community pool was overwhelmingly voted down, maintaining the circulating supply at 5.78 trillion and the total supply at 6.81 trillion LUNC.
Market Trends Following Token Burns
Following the burn events, LUNC and USTC prices have seen an uptick, mirroring broader market trends. LUNC’s price increased by 5.5% within 24 hours, with a significant boost in trading volume, suggesting heightened investor interest. USTC also experienced a 4.66% price hike, indicating positive investor sentiment.