The Price of the 1.5 Billion Near Altcoin Jumped After Binance Support!

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  • In the popular altcoin, which has been experiencing fluctuating price movements recently, 1.5 billion tokens were burned in 1 week as a result of the new burning project. In addition, the altcoin price skyrocketed by up to 40 percent after the world’s largest cryptocurrency exchange announced that it would expand its support for the altcoin burn.

LUNA Classic (LUNC) After weeks of anticipation and excitement in the community, the 1.2% tax parameter change finally went live last Wednesday. However, according to data from TerRarity.io, approximately 1.46 billion LUNC has been burned by tax alone since the tax burning process went live.

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1.5 billion of the 5.7 billion tokens burned occurred as a result of the burning attempt.

According to the data, a total of 5.7 billion LUNCs have been burned, with 4.24 billion sent by investors to the LUNC incineration address since the community began promoting burns. Currently, the current burn rate stands at 296,711,492 LUNCs per day, reducing the total supply to 6.895 trillion LUNCs.

Also, TerRarity.io data shows that at this rate, only around 113 billion LUNCs will be burned in a year at this rate, which is a long way from the approximately 1 trillion burn target as the community hopes to reduce the supply to 10 billion LUNC eventually.

In the face of this, the community is working to lobby centralized exchanges to implement tax burning on off-chain transactions. In particular, the focus is on Binance, the world’s largest crypto exchange, which hosts the largest LUNC daily trading volume.

Opposing views on Binance CEO’s proposal

As a result, in response to calls from the community, Binance CEO Changpeng Zhao, CZ, proposed an engagement model with a 3-step implementation process. While some praised the move from the exchange as a fair compromise, others, such as LUNC DAO, a community validator, criticized the Binance CEO for proposing a plan he knew would never work.

Despite the LUNC community’s narrative of divided anger and support for the CZ proposal, it is an undisputed fact that backing the burns by Binance could significantly help the community achieve its goals faster as the exchange continues to host such massive volume.

As a result of these discussions, Terra Rebels’ reXx urged the community to remain calm and united despite the divided opinions regarding the Binance participation app.

Price skyrocketed after Binance’s Terra Luna Classic (LUNC) support

However, despite all these discussions, Binance, the world’s largest exchange with 24-hour trading volume, is changing its plan. Terra Luna Classic (LUNC) to burn all transaction fees of their tokens. LUNC burn announced that it will implement the mechanism.

Upon the announcement of this news, LUNC price rose immediately. In five minutes LUNC price It instantly increased by more than 25%, while the coin is currently trading with an increase of around 40%. As a result, the announcement of the new solution had such a strong impact on quotes that it attracted more attention than the news this morning about Terra co-founder LUNC publisher Do Kwon.

According to a blog post today, the leading cryptocurrency exchange announced that the burn mechanism will apply to all trading fees for LUNC spot and margin trading pairs.

Going forward, all trading fees for LUNC spot and margin trading pairs will be sent to the token’s community-created burn address.

Binance bows to community request

The exchange said that the LUNC burning program, which started on September 1, 2022, will continue until further notice. However, this initiative is thought to be in response to the recently implemented community burning proposal.

Binance was initially reluctant to implement the LUNC 1.2% tax burn on trading as the exchange feared losing jobs and customers, so CEO Changpeng Zhao β€œCZ” introduced an alternative to users by introducing a feature that allows users to choose a 1.2% transaction fee. .

Following this, the exchange announced three steps to implement trading burns, but by changing the plan; In its statement today, it expanded its support by announcing that β€œLUNC will implement a burning mechanism to burn all trading fees on spot and margin trading pairs by sending them to the LUNC burning address.”

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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