The initiative has developed as a community-driven organization following the stunning collapse of Terra and its assets LUNC and USTC as well as Do Kwon’s resignation. Binance, a well-known cryptocurrency exchange, appeared to be helping the initiative now. The platform said last week that it will burn all trading commissions for LUNC spot and margin pairings.
The exchange completed its initial collection of trading commissions on the pair mentioned above for weekend burning. Here is the number of tokens the project was able to burn, even though Binance has not yet released information about it.
The entire number of assets incinerated, according to LUNC Burner, was 7,806,059,852.146. Even though the amount is in billions, it only made up 0.113139% of the entire supply of the token. A total of 48,107,495 tokens were destroyed as a result of taxes.
Additionally, it is important to remember that every day, roughly 300 million LUNC are burned. But this is not just applicable to one organization. Although Binance has not yet made available its data on the subject, the community assumes that the figure would be significant given the recent increase in the asset’s trading volume.
At the time of publication, LUNC’s daily trading volume had increased by 61 percent to $1,023,706,007.44. On Binance, the cryptocurrency was able to outperform notable assets like Ethereum (ETH) in terms of daily volume, it should be mentioned.
As can be seen in the figure above, LUNC overtook Bitcoin to occupy the position of second in terms of daily volume.
Significant weekly gains for LUNC
The majority of market assets saw just modest advances during the past few days. However, over the past seven days, LUNC has increased by more than 70%. At the time of publication, the assets had a daily loss of 6.2% and were trading at $0.00032612.
Although the most recent price increase is undoubtedly noteworthy for the network, the asset is still $119.18 off its all-time high. Positively, Terra Luna Classic had increased by 1864 percent from its low of $0.00001675 in May. Due to Binance’s burn strategy, the asset’s popularity and price are both anticipated to increase.