Cryptocurrency exchange Binance updated its Terra Classic (LUNC) burn metrics for the second round yesterday (October 10). According to the announcement, the platform burned 2.99 billion LUNC tokens (worth approximately $916,000) between October 2 and October 8. Transaction IDs were provided for on-chain verification.
Disappointing Results After Two Burn Rounds
Binance’s first burn round eliminated 5.595 billion LUNC (~$1.86 million), but the token’s price failed to rebound significantly—dropping 6% shortly after the announcement. The second round’s 2.99 billion LUNC burn similarly had no immediate bullish impact.
Amid broader market declines (including Bitcoin and U.S. stocks), LUNC’s price plunged over 10% at press time, trading at $0.0002743. Despite this, the community remains hyper-engaged, with Binance scheduled to release its third burn report next Monday (October 17).
Community Rallying for More Exchange Support
The LUNC community continues to:
- Advocate for Coinbase to list LUNC
- Praise Binance’s ongoing burn efforts
- Push for additional exchanges to adopt similar burn mechanisms
👉 How Binance’s LUNC burn mechanism works
FAQ: Binance’s LUNC Burns Explained
Q: Why did Binance reverse its decision on LUNC burns?
A: After initial resistance, Binance responded to community pressure—including a viral "#BoycottBinance" campaign—by implementing weekly burns.
Q: How does burning LUNC affect its price?
A: Burns reduce circulating supply, but short-term price action depends on broader market sentiment and adoption.
Q: Which other exchanges support LUNC burns?
A: Currently, Binance leads this initiative. The community is lobbying major platforms like Coinbase to follow suit.
👉 Join the LUNC burn movement here
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