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

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.

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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.