The Terra Luna Classic token burn campaign has destroyed 95.19 billion tokens since May 13, 2022. That represents a crucial milestone and the community’s dedication to reducing LUNC’s circulating supply.
Meanwhile, Binance, which has supported Terra initiatives, massively contributed to this development, destroying over 50B LUNC coins.
Terra Luna burn campaign reaches new milestone
The latest data shows Terra’s token burn has surpassed 95 billion, confirming commitment by the community, validators, projects, and cryptocurrency exchanges. For instance, the Terra followers destroy 600 million tokens weekly, a significant jump from November 2023.
Binance exchange has burned more than 51% of the overall destroyed LUNC by transferring billions of tokens to the burn wallet monthly. The leading trading platform gas burnt approximately 50 billion coins to date.
LUNC’s circulating supply is 5.79 trillion, whereas the total asset supply stands at $6.82 trillion. That means the asset burn campaign will continue, even after the anticipated Binance burn. Meanwhile, the community should work on funding, chain development, and utility to enhance the burning rate.
The Terra community proposed burning dormant USTC assets to support ecosystem’s recovery.
LUNC & USTC price outlook
LUNC and USTC displayed a recovery mode as prices jumped substantially the previous day. The former gained over 7% on its 24-hour chart to press time levels of $0.0001012. Also, USTC jumped from a daily low of $0.02508 to $0.02657 during this publication.
Monthly expiry and significant shorts liquidation within the past day have added to the upward momentum. Further, the massive surges in daily trading volume reflect impressive interest among crypto traders.
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