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*LUNC: burning of the LUNC token and falling price*
Binance has completed its fifth operation of burning Terra Luna Classic (LUNC) tokens, sending more than 24,853 LUNC to the designated address. This initiative is part of a broader strategy to reduce the circulating supply of the financial asset Terra Luna Classic.
Binance intensifies the burning of Terra Luna Classic (LUNC)
In just the current month, Binance has burned nearly 498.6 million tokens, contributing to a net total of approximately 73.04 billion LUNC removed from the market. This figure represents 17.8% of the total tokens burned by the entire Terra Luna Classic community, which has collectively reduced the supply by 411.17 billion LUNC.
In particular, over the last seven days, the community has burned more than 383 million tokens, including a peak of 200 million LUNC in a single day, Wednesday. All this has reduced the total circulating supply to approximately 6.49 trillion tokens, a significant figure for the asset.
Future outlook: InterChain Summit and developments of Terra Classic
The Terra Luna Classic community is set to participate in the Cosmos InterChain Summit, scheduled in Germany on June 20 and 21. During this event, crucial topics regarding the Terra and Terra Classic chains will be addressed.
Among the most anticipated points is the reactivation of the market module project, a proposal put forward by the Vegas validator. This initiative could significantly influence the governance and functionality of the Terra Classic network.
Another relevant topic is the appreciation of the oracle reserve, which has drastically decreased from 115 to 69 billion tokens in just one year. This decline worries the community, highlighting the need for interventions to support and enhance confidence in the Terra Luna Classic ecosystem.
