Binance burns 1.7 billion Terra Classic, LUNC drops below $0.0001

Binance conducted a Terra Classic burn in May, burning more than 1.7 billion LUNC in one go, and the price fell below the structurally important level of $0.0001.
Data from Terra Finder, a Terra Classic block explorer, confirmed that the burn transaction involved 1,404,956,147 LUNC tokens worth $134,468 based on the current exchange rate. Binance executed the transaction at 10:33 (UTC) today, in line with its regular procedure for monthly LUNC burns.
It is worth noting that these 1.4 billion Terra Classic tokens represent the 50% in LUNC transaction fees collected by Binance in April. This figure is 66% less than the amount burned by the exchange in March, but this is attributed to lower LUNC trading activity in April.
Binance remains the largest Terra Classic burner after the latest transaction. This latest burn brings its total burn to 58.93 billion LUNC, with a total value of $5.6 million.
Notably, Binance’s burn accounted for 52.3% of the total amount of all Terra Classic tokens burned since the burn operation began in May 2022. For background, the community initiated the burn operation two years ago as part of an effort to resuscitate the Terra Classic ecosystem.
Binance continues Terra Classic burn
Binance, under the leadership of former CEO and founder Changpeng “CZ” Zhao, decided to support the community by burning all fees earned from LUNC transactions. However, due to controversy regarding the re-minting of burned tokens, the exchange reduced its pledge from 100% to 50%.
Despite global regulatory challenges and the resignation of Changpeng Zhao as CEO, Binance remains committed to 50%. Rexyz, a prominent figure in the Terra Classic community and TerraCVita team leader, praised the exchange and its current CEO Richard Teng for their continued support for the latest burn action.
The recent transaction comes after Binance burned 4.175 billion Terra Classic tokens last month. The exchange burned 2.11 billion tokens in March, 2.095 billion tokens in February, and 5.57 billion tokens in January. Although this burn is the lowest this year, it brings Binance’s total LUNC burn this year to 15.75 billion.
Meanwhile, the transaction occurred at a time when the entire cryptocurrency market was moving lower, bringing LUNC into the red. Amid the downward market, Terra Classic fell below the important $0.0001 price level on April 30 and is currently trading at $0.00009590, down 3.92% in the past 24 hours.
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