Binance today announced plans to burn tokens for an altcoin project. After the news, the price peaked at 5% amid the stagnant market.
Binance announces token burn plans for this altcoin
LUNC, one of Terra Chain’s cryptocurrencies, rose 5% in minutes after Binance’s announcement today. The reason for the price action was that the exchange announced that it would support the LUNC burns. Investors flocking to the stock markets after the highly anticipated news made the price peak around 5%. After the price rallied as high as $0.0003502, it is now lower from the start. Despite the news, LUNC could not get rid of the selling pressure.
Binance will burn tokens every Monday
Leading exchange Binance has announced plans to burn some of its token supply. The announcement included the following:
All fees in LUNC spot and margin pairs will be burned by Binance by sending them to the LUNC burn address using a burn mechanism. Every Monday at 03:00:00 (TSI), the total trading fees on LUNC spot and margin pairs to be burned from the Previous week are calculated.
LUNC price is down after briefly rising 5% in the last 24 hours. Today, Binance is scheduled to release information about its first mass burning. From now on, incineration and weekly reports will be updated every Tuesday. LUNC investors are already optimistic about the news. These are one cryptocoin.comDavid Gokhshtein, a former US politician you follow from…
David Gokhshtein sees enthusiasm in the LUNC community
Former US politician and cryptocurrency phenom has been talking about Terra’s high return potential for a while. He had recently set a trade target from $500 to $1 million. Gokhshtein speculates that LUNC may return if the community can find a use case.
About 55% of the trading volume for LUNC is covered by Binance. Twitter users are now looking for Coinbase, Robinhood, Gemini and FTX to list LUNC on their exchanges. For those who lost millions of dollars in the Terra Luna collapse, the profits may not offer much consolation. While Terra’s co-founder Do Kwon denied he was a fugitive, Interpol issued a “red notice” for his arrest after reports emerged that he was not in Singapore.
Community proposes new repeg plan for altcoin
Three members of the Terra Classic community have penned their thoughts on how to achieve repetition for USTC and LUNC. The title of the document is “Terra Classic Repeg: Updated Offer”.
Meanwhile, analytics firm Telegaon predicts LUNC’s minimum and maximum prices to be $0.0089 and $0.028, respectively, in 2025.
However, Coinpedia is not very optimistic about the future of Luna Classic. He predicts LUNC will trade as high as $0.002846 and as low as $0.001094 in 2025. Its average price for the year in question will be $0.001776.
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