Here’s the Amount of Terra Classic (LUNC) Binance Burned This Month

Cryptocurrency exchange Binance continues its regular Terra Classic (LUNC) burns, according to data.

Data reveals that Binance has incinerated around 1.3 billion LUNC tokens in a total of three transactions thus far in June. As of the time of writing this article, Binance has effectively eliminated approximately $144,000 worth of LUNC tokens in total for the month.

For an altcoin like LUNC, which has a market cap of $615 million, this burning amount does not have a significant impact on the price. In fact, the token has experienced a slight decline of around 10% in value over the past week.

Out of all the Terra Classic token burns that have taken place to date, Binance has accounted for about half of them. The value of LUNC tokens burned by the exchange so far amounts to approximately $6.4 million. Consequently, Binance has effectively destroyed around 1% of the total supply of this altcoin to date.

The exchange typically conducts its largest token burns at the beginning of the month, but smaller burns may also occur on other days. In summary, there is a possibility of Binance increasing its Terra Classic burns slightly in June.

*This should not be construed as investment advice.