Cryptocurrency Q&A
Does Luna Classic burn coins?
Does Luna Classic burn coins?
CryptoVanguard
Sun Jul 21 2024
|
5 answers
1207
Could you elaborate on the concept of "burning coins" in the context of Luna Classic? Is this a common practice in the cryptocurrency world? If so, how does it affect the supply and demand dynamics of Luna Classic? Are there any specific mechanisms implemented by Luna Classic to achieve this, and if so, how do they work? Furthermore, what are the potential implications of burning coins for investors and holders of Luna Classic? Could you provide a concise yet comprehensive explanation of this process and its potential implications?
5 answers
Elena
Tue Jul 23 2024
The total LUNC burned stands at 113 billion, with Binance accounting for 59 billion of that figure.
Was this helpful?
188
20
CryptoProphet
Tue Jul 23 2024
This represents a mere 1.66% of the total LUNC supply, which could be a reason why previous burns have not significantly impacted the coin's price.
Was this helpful?
61
53
MysticStorm
Tue Jul 23 2024
Terra Luna Classic, an asset, is experiencing modest gains in the market.
Was this helpful?
353
42
Caterina
Tue Jul 23 2024
Despite the relatively small percentage of the supply being burned, the market is responding positively to this move, reflected in the slight increase in Terra Luna Classic's value.
Was this helpful?
328
26
lucas_clark_artist
Tue Jul 23 2024
Notably, Binance, a major cryptocurrency exchange, burned over 1 billion LUNC tokens yesterday.
Was this helpful?
277
95
