Binance, the world's largest cryptocurrency exchange, has continued to demonstrate its unwavering support for Terra Luna Classic (LUNC) through its significant token burn initiatives. The total LUNC burned by Binance has exceeded an astounding 59 billion tokens, showcasing the exchange's substantial commitment to reviving the cryptocurrency that had previously caused major sensations in the crypto world.

The Terra Luna Classic community, which is dedicated to resurrecting the once-prominent cryptocurrency, has also played a crucial role in this endeavor, burning over 113.71 billion LUNC tokens. Binance's actions have followed the sensational events surrounding Terra Luna and its subsequent collapse, and the exchange continues to support the existence and community efforts of Terra Luna Classic as part of the monthly LUNC burn process initiated in 2022.

The recent token burn event held this week has seen Binance conduct additional Terra Luna Classic (LUNC) token burns outside of its monthly LUNC burn mechanism. According to data announced by Binance on May 23, new transfers were made to the wallet designated for token burns. In early May, Binance had already conducted the 21st phase of the LUNC burn process, burning 1.4 billion Terra Classic tokens. Following the latest burn by the Binance exchange, the total amount of LUNC burned has reached significant levels, with the exchange accounting for over 51.9% of the total LUNC burned by the community.

The Terra Luna Classic token burn campaign has destroyed an impressive 95.19 billion tokens since May 13, 2022, representing a crucial milestone and the community's unwavering dedication to reducing LUNC's circulating supply. Binance, which has consistently supported Terra initiatives, has played a pivotal role in this development, destroying over 50 billion LUNC coins.

The Terra Luna burn campaign has reached new heights, with the latest data showing that the token burn has surpassed 95 billion, confirming the commitment of the community, validators, projects, and cryptocurrency exchanges. For instance, the Terra followers have been destroying an impressive 600 million tokens weekly, a significant jump from November 2023.

Binance exchange has burned more than 51% of the overall destroyed LUNC by transferring billions of tokens to the burn wallet monthly. The leading trading platform has burnt approximately 50 billion coins to date. LUNC's circulating supply is 5.79 trillion, whereas the total asset supply stands at $6.82 trillion. This means that the asset burn campaign will continue, even after the anticipated Binance burn. Meanwhile, the community should work on funding, chain development, and utility to enhance the burning rate. The Terra community has also proposed burning dormant USTC assets to support the ecosystem's recovery.

LUNC and USTC have displayed a recovery mode, with prices jumping substantially in the previous day. The former gained over 7% on its 24-hour chart, while USTC jumped from a daily low of $0.02508 to $0.02657 during this publication. Monthly expiry and significant shorts liquidation within the past day have added to the upward momentum, reflecting the impressive interest among crypto traders.