Binance Burns Nearly $2 Million LUNC, But Fail To Increase Market Value

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The most distressed network, the Terra network, is trying hard to bring back its trust after the network’s original chain LUNA collapsed in May along with its stablecoin, USTD losing its peg against dollar.

Recently, the community had proposed for a 1.2% tax burn and Binance, one of the largest crypto exchanges, had agreed to support the move for Terra Classic (LUNC) and TerraClassicUSTC (USTC).

However, Binance exchange flipped the approach and claimed to implement the burning of all trading fees on LUNC spot and margin trading against BUSD and USDT by transferring them to the LUNC burn address.

Binance Burn $1.8 Million Worth Of LUNC

Now, with the latest announcement by Binance, the firm could burn nearly $1.8 million worth of LUNC tokens on October 2. Meanwhile there is also an increased trading volume and this burning activity of LUNC on Binance is most likely one of the highest burning events of LUNC.

However, the burning was not as per the expectation and the main reason was due to LUNC’s deflationary effect. Just after Binance’s announcement, LUNC’s market capitalization surged nearly $1 billion which is equivalent to $2 million of burned tokens.

At the time of writing, Terra Classic (LUNC) is selling at $0.000315 with a drop of 2.11% over the last 24hrs.

Though LUNC is currently on a downward movement, investors have experienced some decent profits as a few investors have gained nearly 70% profit. These investors are the one holding the asset amidst the negative price action.

This positive approach by Terra community is the one that has stood as a hope for the network’s chain.