Terra Classic Spikes 17% After Binance Burns Over 6B LUNC

Loading...
Loading...

In the sixth burn batch of the Terra Classic LUNA/USD burn mechanism, Binance burned over 6 billion LUNC on Thursday, driving LUNC up more than 17% in the last 24 hours.

What Happened: Binance burned $1 million worth LUNC tokens by sending them to a dead address. The transaction indicated a fee of 12.77 million LUNC. With this latest burn, Binance has incinerated almost 20 billion LUNC tokens till data.

Tokens are permanently removed from circulation by transferring them to a burn address, a wallet from which they cannot ever be retrieved.  A project reduces the overall supply of tokens by burning them down causing a deflationary event. Tokens decrease in value when their supply declines and they become more rare, which makes them appreciate in value.

Loading...
Loading...
Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsMoversTrading IdeasBinanceLUNCTerra Classic
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...