Binance's 17th Token Burn: 5.57B LUNC Tokens Incinerated – CoinGape
November 27, 2023
Image Credit: CoinGape
January 4, 2024
Binance completes its 17th token burn, incinerating 5.57 billion Terra Luna Classic (LUNC) tokens, aligning with its commitment to managing token supply.
Image Credit: Coin Geek
Binance’s cumulative token burns reach an impressive 93 billion, aiming to create scarcity and drive up demand for remaining tokens.
Image Credit: News Crypto
Token burns, a common practice in the crypto space, involve permanently removing a portion of a digital asset from circulation to influence market dynamics.
Image Credit: CoinGape
The 17th batch burn focuses on tightening the supply of Terra Luna Classic (LUNC), with the goal of stimulating demand and positively affecting its market value.
Image Credit: CoinGape
Following the burn, $LUNC, Terra Luna Classic’s native token, experiences a noteworthy surge of over 7%, indicating increased investor interest.
Image Credit: Analytics Insight
The burning of LUNC tokens positively impacts #USTC, Terra’s stablecoin, with a surge of over 7%, contributing to a more robust stablecoin ecosystem.
Image Credit: Twitter
Image Credit: Pinterest
Binance’s dedication to token burns remains a strategic pillar, with the community anticipating insights into future burning strategies and their potential impact on the broader digital asset market.