Luna Classic, the original token of the failed Terra blockchain, appears to be making a comeback following an announcement that the world’s largest crypto exchange, Binance, has a plan to cut the token’s supply.
The token, which trades as LUNC, is up roughly 40% in the last 24 hours, according to CoinGecko, making a miraculous return to the top 35 cryptocurrencies by market cap.
Still, its recent gains will likely not mean much to the Terra bulls who bought in at over $100 in April. At the moment, LUNC still only trades for $0.0003.
“Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address,” the exchange announced on Monday.
“Burning” a token means sending it to a cryptocurrency address that isn’t controlled by any user. This effectively removes coins from the circulating supply, which is typically bullish for price action.
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