But last week's trading activity has vaulted it into the top ten cryptocurrencies by trading volume and boosted its market cap to over $2.1 billion, according to CoinGecko. That puts it in the neighborhood of Bitcoin Cash, wavering at the edge of the top 30 coins for the last seven days.
Luna Classic, the token of the now infamous Terra blockchain, which imploded in May and prompted lawmakers to consider a ban on similar algorithmic stablecoins. The world’s largest crypto exchange, Binance, announced on Monday plans to cut the token’s supply.
“Binance will implement a burn mechanism to burn all trading fees on LunaClassic spot and margin trading pairs by sending them to LunaBurner address.”
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 typically accelerates price action.
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