Binance Burns First Batch of Terra Classic Tokens
Binance has recently burned the first batch of Terra Classic (LUNC), 5.6 billion tokens in particular which are equivalent to about $1.86 million.
The trading platform has launched an initiative aimed at supporting the price of the coin. The mechanism in question involves burning spot and margin trading commissions in LUNC/BUSD and LUNC/USDT pairs.
The first batch of coins that has been sent to the burning address has been calculated for the period from September 21 to October 1.
A trader under the pseudonym Tree of Alpha has said:
“The Binance burn that the community has been waiting for has just happened. Weekly exchange fees wiped out. Volume? A meager $1.8 million, 0.09% market capitalization.”