Binance, one of the leading global cryptocurrency exchanges, has performed its 26th token burn, incinerating 1.14 billion Terra Luna Classic (LUNC) tokens. This strategic move aims to reduce the total supply of LUNC, thereby potentially increasing its value in the market.
Following the announcement, there was a notable 10% surge in the prices of both LUNC and USTC tokens. This demonstrates the market's positive reaction to the token burn.
Token burns are commonly used by crypto projects as a deflationary measure to curb supply and boost token value. Binance's consistent token burns highlight its commitment to the Terra Luna ecosystem.
