Binance 11th LUNC burn: 2.65 billion tokens destroyed

[MOProgress]

Binance, the world’s largest crypto exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th burn round.

The total LUNC tokens burned by Binance now exceed 35.5 billion, with the community’s burn surpassing 68 billion. Traders have reacted positively to the burn, with LUNC seeing a 3% price increase.

Based on a transaction executed on July 1, Binance transferred 2.65 billion LUNC tokens to the burn address, reducing the circulating supply. The transaction also involved a transaction fee of 13.25 million LUNC.

The Terra Classic burn mechanism automatically burns tokens whenever a transaction occurs on the network. The number of tokens burned is relative to the number in circulation. This ensures that the total supply of tokens is constantly decreasing, hypothetically increasing their value over time.

As reported by Coingape, Binance conducted a burn of 1.04 billion LUNC tokens in June. Although Binance reduced its contribution from LUNC spot and margin trading fees from 100% to 50%, the community expressed gratitude for the support provided by the crypto exchange and its CEO, Changpeng Zhao.

Over the past two months, the LUNC burn rate has improved, thanks to initiatives from projects like DFLunc, Terra Casino and Cremation Coin, which burn millions of LUNC tokens weekly. As a result, the community has successfully burned 68 billion LUNC tokens.

Following the successful completion of its largest upgrade in May, which aims to align the chain with Terra 2.0 and other Cosmos chains, the community’s current focus is on decreasing the supply of LUNC and TerraClassicUSD (USTC) tokens. Additionally, the Joint L1 Task Force and “quant” team will collaborate on the USTC repeg initiative.

In June, LUN struggled to surpass the $0.0001 mark and declined below the support level of $0.000090. Despite Binance’s burn, the LUNC price remains under pressure, showing continued downward movement.

According to CoinMarketCap, LUNC’s price has jumped 3% in the last 24 hours, trading at $0.000087 at the time of writing.

NEWS SOURCE

[asriloni]

These burns never give impact to the price.

Look at the recent price of lunc. https://coinmarketcap.com/currencies/terra-luna/

It's consistently dumping to the bottom even deeper than before. The burn meant nothing as there are 6 trillions of supply now.

You can use LUNC metrics https://www.luncmetrics.com/

You can't count a small jump as a signal. It takes 1 year to burn 64 billions while total supply was 6 trillions. You can imagine how many years needed to burn 1 trillion worth of lunc coin. There will be no change in the price.

[topbitcoin]

I did not expect that there were still people who pay attention to this project, after the bankruptcy that harmed many people due to the development of the developer first until it became a dust project now, I think people have forgotten and do not want to discuss this project.
But I just appreciate what CZ did by doing the burning he did, but it was true that it did not have any influence on the development of prices and or enthusiastic investors to return to this project.
It is very difficult to bring this project back to its heyday, they have to burn more money to form their community back so that they have a large number of transactions aimed at accelerating automatic burning.

[wheelz1200]

Token or coin burns are the dumbest tactic to try to raise prices.  It's an artificial event in order to try to strum up a pump.  What's even worse is tokens that build that in from inception.  It's a tell tale sign for me that I should steer clear of the project.  Luna is toast these are momentary things that can't sustain price.

[yazher]

These burns never give impact to the price.
Look at the recent price of lunc. https://coinmarketcap.com/currencies/terra-luna/
It's consistently dumping to the bottom even deeper than before. The burn meant nothing as there are 6 trillions of supply now.

They have a huge supply and some negative histories, which will not gonna be good for their advertisement in the future, and because of this, this event is nothing for the investors because they are not gonna take risks for some altcoins that don't have any assurance to survive in the next year. there are lots of choices out there, and to invest in this one seems hard right now, especially when you decide to invest lots of money in it the return on investment is not assured, and a gamble when you still pursue to do it.

[abel1337]

Not gonna fall for this trick LOL. Burning tokens had been done several times already just to pump up the price and I don't see it as a good way to increase token price. The supply had been reduced but the demand is still the same. It's a strategy to somehow manipulate prices but the 3% price increase is I don't consider a successful token burn. Investors turned back on Terra Luna long time ago and I'm sure there's not much of them plan on investing on it again because of the catasthropic mistake that this project made before.

[|MINER|]

I think the 2.65 billion burning of Luna Classic is nothing compared to the total supply. So I don't think this burning will bring any positive message to the market for Luna Classic. And most of the investors are now refraining from investing in Luna Classic or New Luna because it is now difficult to trust them. However I think people trading it now are mostly short term trading. So I don't see much hope for them even after this burning

[blockman]

Binance is just trying to bump this token despite that it's already lost its market and value. But since Binance still has a huge chunk of this token on its hands, they're trying to keep up and do anything that it can to increase its value. Do they have a price target because it seems that there's always these events and news coming from them with LUNC. There's no effect at all from all of those bumps that they do but still, they're trying hard.

[dimonstration]

Binance, the world’s largest crypto exchange, has burned 2.65 billion Terra Classic (LUNC) tokens in its 11th burn round.

I’m amazed how holders of this shitcoin still hype the tokens for a small token burn while this token has 5.8T supply without an official team and developer that is developing dapps on this abandoned ecosystem. I don’t understand why Binance let this shit token available in the public while there’s real development happening behind. They are just continuing to list this token and ride this ridiculous token burn mechanism to get fees from traders that wasting money from false hope that this project will be revived soon while the team clearly scam everyone before.

This is a SCAM token and abandoned project. People must stop dreaming now about the success of this project because Luna made a lot of investors suffer due to Do Kwon poor management and exit scam.

[Lamkuthang]

Binance is just trying to bump this token despite that it's already lost its market and value. But since Binance still has a huge chunk of this token on its hands, they're trying to keep up and do anything that it can to increase its value. Do they have a price target because it seems that there's always these events and news coming from them with LUNC. There's no effect at all from all of those bumps that they do but still, they're trying hard.

yes, I'm also confused, look at Binanance, what's really going on. They seem to defend it, even though they have to thoroughly resolve their own problems with the SEC so as not to cause additional doubts for their users. Binance is also strange and true as you said LUNC has some negative histories.

[o48o]

-cut-
Traders have reacted positively to the burn, with LUNC seeing a 3% price increase.
-cut-

This is funny at the same time it's sad. It's like beating a dead horse. Anyone from outside sees this as a doomed project, but i can imagine i would be shilling it too if i didn't manage to sell my bags in time. These guys are probably DCA:in this to the end and hoping they make their money back with just a tiny pump. I don't think anyone sane is thinking possibility of ATH at this point or even near to that. They are just thinking how can they get out and make some money by doing it.

[Psynthax]

and nothing significant happened to the coin itself, these burning strategy are surely not effective nowadays, so many altcoins out there are also doing the same thing and regardless
there is not much effect resulted from burning coins in order reducing the total supply.
I wonder if this strategy still relevant regardless of luna that is in a state of dying.

[JeffBrad12]

Not gonna fall for this trick LOL. Burning tokens had been done several times already just to pump up the price and I don't see it as a good way to increase token price. The supply had been reduced but the demand is still the same. It's a strategy to somehow manipulate prices but the 3% price increase is I don't consider a successful token burn. Investors turned back on Terra Luna long time ago and I'm sure there's not much of them plan on investing on it again because of the catasthropic mistake that this project made before.

I was wondering why binance is so hell bent in reviving this coin like why they are still supporting this disaster after so much time has passed.
we all know how rotten this coin is to the core yet there are still many attempts from binance in reviving this coin.
but despite of that, so many attempts have done already and this coin is still dead. surely it wouldn't revive in the future even if total supply
reduced to just thousands because this coin has no utility, no use, being abandoned by developers, basically its useless shit coin.

[blockman]

Binance is just trying to bump this token despite that it's already lost its market and value. But since Binance still has a huge chunk of this token on its hands, they're trying to keep up and do anything that it can to increase its value. Do they have a price target because it seems that there's always these events and news coming from them with LUNC. There's no effect at all from all of those bumps that they do but still, they're trying hard.

yes, I'm also confused, look at Binanance, what's really going on. They seem to defend it, even though they have to thoroughly resolve their own problems with the SEC so as not to cause additional doubts for their users.

I think it's just all about it trying to bag as much as they can for any possible increase that may happen. That's a big money for them, it's considered already as a loss but still trying if there can be some betterment for what they're holding and this is why they do it.

Binance is also strange and true as you said LUNC has some negative histories.

Not that strange to me anymore if they're up to something. That's why there are still possible investors that do follow the herd and what the big exchange is doing. But I don't think that there's ever going to be something good on it as an ending.

[dothebeats]

There doesn't seem to be any positive side to this burning that they're doing with LUNC. Price is back to normal again and is continuing to slide down. A lot of bag holders are just waiting for these burn events to offload some of their bags and move on to other ventures. LUNC is associated with a lot of bad things in the crypto space, and is continuously dying and the only thing keeping this coin alive is the burning mechanism plus some spin-off articles from bag holders wanting to get out of this mess.

[Farma]

even though binance does quite a lot of LUNC burning, it seems the volume makes it all look very small. after all, burning 2.65 billion LUNC doesn't do much for the price of this coin. well, as far as I know, the burning of coin supply has the goal of increasing the price and attracting investors to invest immediately because the volume of coins is getting smaller. however, it seems it fails on LUNC. however, it is not surprising considering that LUNC has failed to maintain the trust of its users.

[Rampagoe004]

I believe it will not change any results or restore people's trust in LUNC. That amount will not be enough to cover the price destruction of LUNC. I think the thing to do is to solve the current problem and even then I think it is impossible to do.

[cryptoaddictchie]

As much as I wanted to degen on this. Kinda hard to pull off or get back the reputation of terra luna and to its founder Do Kwon. Compared to SBF this guy is worse than him. He deliberately ignore all feedbacks and suggestion to him way back. The luna community has a good one but the founder choose to let go of that. Unfortunately terra leaves a bad imprint on defi products. So everyone will pretty have some careful thoughts before going in to lots of defi projects.

[Bolivar_Tony]

The total LUNC tokens burned by Binance now exceed 35.5 billion, with the community’s burn surpassing 68 billion. Traders have reacted positively to the burn, with LUNC seeing a 3% price increase.

I think they have a huge token supply, if about 68 billion token has been burn so far, that means they have hundred's of billons or even trillion token supply in the first place and for me i don't like coins that have a very high token supply

[bittick]

so much effort has binance spent towards the coin and it's still as dead as ever.
I guess those efforts just massive waste of energy and efforts. they should've put more interest in growing their BNB instead like lowering their supplies I guess, but of course it still their decision on what to do, i guess they know better.