In its 21st batch of the LUNC burn mechanism, the biggest cryptocurrency exchange in the world, Binance, burned 1.4 billion Terra Luna Classic (LUNC) tokens on Wednesday. Following Binance’s most recent fire, the cryptocurrency exchange has now destroyed more than 57 billion LUNC in total. The burn figures were consistent with the 1 billion to 1.5 billion LUNC burn estimates provided by CoinBrit

Furthermore, the Terra Luna Classic community has burned almost 112 billion LUNC tokens in total. Since 2022, Binance has supported the community’s efforts to revive the Terra Luna Classic by offering a monthly LUNC burn mechanism.

Down to 1.4 billion, Binance’s Terra Luna Classic (LUNC) Burn
cryptocurrency trading In accordance with the LUNC burn transaction on May 1, Binance sent 4.17 billion Terra Luna Classic (LUNC) tokens to the burn address. With 52 percent of the LUNC burned by the community, the cryptocurrency exchange is the largest contributor to LUNC burn.

Notably, Binance burned a sizable sum of trading fees for the period of March 31 to April 29 in the 21st batch of the LUNC burn mechanism. Due to trading costs on LUNC spot and margin trading pairings, Binance has now burned around 57.66 billion Terra Luna Classic (LUNC) tokens.

The dip in daily LUNC trading volume in April, together with a general decline in cryptocurrency values and trading volumes, is what caused the trading volume decline. Large trade volumes of over $100 million per day were recorded by LUNC in March, a month in which prices surged beyond $0.0002. The average daily trading volume in April was $30 million, and the price has since fallen to $0.0001. In just one month, the market cap has likewise decreased, going from over $1 billion to around $600 million.

In the 20th LUNC burn mechanism, Binance burned 4.17 billion Terra Luna Classic (LUNC) tokens. The exchange burned 4.17 billion in trading fees on LUNC spot and margin trading pairs worth $722,630 as trading volumes increased significantly in March