LUNC Burn: Here’s How Much Luna Classic Has Been Burned Recently
By:C, FionaLUNC Burn
A meager 1,520,377 LUNC worth $438 was burned in 100 transactions on Oct. 6, down 86% from the previous day’s figures, according to the Luncburn tracker, a Twitter account that provides daily LUNC burn updates sent to the LUNC burn address. On Oct. 5, more than 10,322,295 LUNC worth $3,091 were sent to the LUNC burn address in 134 transactions. LUNC price is down 3.22% in the past week.
It should be noted that data on the burned LUNC supply differs from portal to portal. On Oct. 3, Binance burned 5.59 billion (5,595,907,838) LUNC tokens by sending them to the burn address. This is the equivalent of 1,863,213 USDT. The first batch of LUNC trading fees burned covers the time frame of Sept. 21 through Oct. 2.
Binance earlier announced that it would implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the Luna Classic burn address on Mondays. Every Tuesday, a report on the burn and the subsequent on-chain burn transactions will also be updated.
The results for the first batch of burns are underwhelming, although many had anticipated Binance to burn around 15 billion per week. This is because estimates accounted for a 0.1% default on all transaction fees. Meanwhile, the first batch of LUNC burned only accounted for 0.08% of the total supply.
According to LUNC.TECH, a Twitter account that provides LUNC burn updates, the total number of Luna Classic (LUNC) burned so far is 14,317,819,480, representing 0.2% of the total supply.
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