Changpeng Zhao (CZ) Terra won the hearts of investors after Binance announced the burn for the LUNC transaction fee. However, according to experts, LUNC’s social explosion could be a sign of an impending dump.
LUNC investors initially reacted to Binance and CZ
Binance CEO CZ has announced that Binance will burn trading fees on LUNC spot and margin trading pairs. After that, the LUNC community thanked CZ. Binance is the world’s largest exchange by 24-hour trading volume. It was criticized earlier this month for not agreeing to fully support the 1.2% commission cuts. Some members of the Terra community complained on Twitter at the time:
We are extremely disappointed that CZ did not keep his word. Applying a 1.2% commission on withdrawals and deposits only deters people from Binance. They don’t apply the LUNC burn action spot + margin trade AKA the way society wants.
Binance quickly dismissed critics, saying that a 1.2% commission burn is imposed on all LUNC on-chain transactions (deposit and withdrawal), as suggested in the community proposal. However, Binance has assured aggrieved LUNC investors that it will soon review its decision.
Investors make U-turn for Binance CEO
Interestingly, Binance has implemented the LUNC burn mechanism on all LUNC trading fees. Following Binance’s decision, a Twitter user drew CZ’s attention to the criticism the exchange received for not implementing tax burning on all LUNC services on the platform. In line with this, “I hope those who made bad comments about you are now ashamed. We have always believed in you. We trusted you. We love you CZ,” she shared.
Responding to the comment, CZ replied, “I feel like there won’t be too many apologies, lol…” Since the founder of Binance announced the LUNC burn, several LUNC investors have expressed gratitude and apologies to CZ and the exchange.
Terra Rebels, for example, said that CZ is a true leader.
LUNC holders’ reaction to FatMan continues
Meanwhile, the notorious informant FatMan, nicknamed Terra, continued to ‘frustrate’ LUNC investors. He accused FatMan’s LUNC holders of bullying exchanges to impose a 1.2% tax on his platform.
Binance has announced the implementation of a burn mechanism on all LUNC spot and margin trading fees. After that, FatMan once again addressed the LUNC enthusiasts:
Deciding to burn millions of dollars out of his own pocket due to the unreasonable demands of an angry Twitter mob, Binance is a true example of the raw, unbridled power of public relations and social media.
FatMan’s tweet made LUNC investors quite angry, who replied to him for hours.
Is LUNC’s social boom a harbinger of the upcoming dump?
Social engagement and daily LUNC mentions set a quarterly record, according to LunarCrush, a social media analytics portal that tracks activity around cryptocurrencies. LUNC has reached 9,550 daily mentions on social media. In this context, a total of 71,094 in the last 90 days. At the same time, LUNC’s social engagement reached 89.34 million. According to the source, social engagement increased by 86.33%. Also, LUNC’s social media dominance increased by 47.23%.
While the explosive rise in LUNC stakes seems harmonious, following the latest news about the project, it’s possible that such price fluctuations (50% or more per day) could turn into a dump, according to experts. Because there are a lot of uninformed investors willing to enter the project as soon as they see the current price increases of LUNC. Experts say that speculators who have been pushing the price of the token since August can easily use them as exit liquidity.
Such an explosion of activity of LUNC on social networks is, of course, due to recent events around the notorious project. That’s why LUNC quotes, which have been showing unusual volatility lately, have risen and fallen at double-digit rates in recent weeks. The latest one-day news was that Interpol issued a red notice for the arrest and detention of the project’s founder, Do Kwon, in nearly 200 countries around the world.
Then, a few hours later, it was revealed that Binance, which has one trillion LUNC liquidity, will provide a long-awaited token burn mechanism through trading commissions collected by the exchange.
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