Binance, the world’s largest cryptocurrency exchange by trading volume, has sent more than 5 billion Terra Classic (LUNC) cryptocurrencies to an address designated for burning.

Binance previously announced the burning of trading fees on LUNC spot and margin trading pairs every Monday after the Terra community expressed dissatisfaction with the “subscribe button” proposal.

Binance is burning over 5 billion LUNC coins:

burnt Cryptocurrency exchange Binance received nearly 5.59 billion LUNC coins by sending them to the burn address yesterday, October 3 at 1:16 PM UTC.

The transaction fee is 67.15 million LUNC.

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The first batch of LUNC trading fees burned is for the period between September 21st and October 2nd.

Binance announced earlier that all LUNC trading fees for spot or margin trading from the previous week will be burned every Monday.

In addition, a report on the burn and the next burn will be updated on the network every Tuesday.

While many expected Binance to burn about 15 billion each week, the numbers for the first burn are much lower than expected.

The reason is that the accounts factored in a 0.1% default on all transaction fees.

In addition, traders use the Binance VIP software to trade with low fees.

David Kogstein, founder of Gokhshtein Media, has taken an interest in LUNC after being a longtime critic of it.

In a recent tweet, Kogstein compared LUNC to SHIB and said utility is the key to success.

His tweet was as follows:

LUNC reminds me a bit of SHIB – how crazy the community was when the coin first came on the scene.

But utility is key.

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Immediately after announcing the amount of coins burned by Binance, the price of LUNC jumped more than 5% to reach a high of $0.00035 in the last 24 hours.

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Then the price quickly reversed due to the difference between the burnt values ​​and the expected ones.

Currently, LUNC is trading at $0.00031, down 3%.

Interestingly enough, the Terra Classic community aimed to increase the burn rate and the number was not a concern for them.

With Binance burning over 5.5 billion coins, the total amount burned came to over 13.62 billion LUNC.

The rate of burning also increased to 464,564,401 LUNC per day.

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