The Terra community was in a celebratory mood as the LUNC token saw a significant price surge over the weekend. As revealed by a member of the community, this price surge has been attributed to the actions of the foremost crypto exchange, Binance.
Binance Burns More Lunc Tokens
MrDiamondhandz, a member of the Terra community, hinted in an X (formerly Twitter) post that Binance had contributed to the latest price surge following their recent LUNC token burns. Data from LUNC Metrics showed that the largest crypto exchange burned over 2 billion tokens on February 1.
That move ultimately triggered an increase in LUNC’s price. The crypto token was one of the biggest gainers over the weekend, with its volume surging by over 700% on February 4. On the same day, Binance burned an additional 135,000 LUNC tokens, something which could have contributed to the sustained upward movement.
Token burning is one of the primary mechanisms the Terra community devised to revive LUNC following the LU
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