Interesting developments are taking place in two altcoin projects listed on the world’s largest crypto exchange Binance. Accordingly, in one of the aforementioned cryptocurrencies, the transaction volume exceeded billions of dollars, and the price also took off. So much so that this cryptocurrency was sold out on the popular crypto exchange KuCoin. In the other altcoin, trading volume peaked in just 24 hours.
This altcoin has been sold out on the KuCoin exchange
Terra’s new altcoin asset Luna Classic (LUNC) is up as much as 70% this morning, according to CoinMarketCap data. The trading volume of the cryptocurrency on Binance saw huge increases, reaching $ 1.2 billion. The increase in price and trading volume seems to be linked to the growing interest in recent weeks. A LUNC DAO member on Twitter noted that KuCoin has run out of tokens. Thus, he drew attention to the huge increase in interest in the altcoin project.
Why is the Luna Classic (LUNC) rising?
There is a reason why the interest in the Terra Classic project has increased. Interest arose as the community took to reviving the project with attempts to burn it to reduce the supply of excess LUNC tokens. The community’s latest initiative proposes a tax policy of 1.2% tax on all on-chain transactions. Specifically, tax collected from LUNC tokens will go to incineration addresses provided by Terra. Thus, the supply of altcoins in the market will take up and the price will increase.
It is worth noting that the proposal has received support from UK-based crypto exchange Y5 Crypto and MEXC Global. Currently, the MEXC exchange seems to have approved the proposal as it has started burning LUNC tokens. According to the current information on MEXC’s blog, the stock market has burned about 48 million LUNC in the last three days. Thus, 22 million LUNCs, the highest figure to date, were burned to dead addresses.
Binance USD (BUSD) trading volume peaks
Binance USD (BUSD), the world’s third-largest stablecoin, posted a 70% increase in trading volume on Tuesday. This leap comes after the last big announcement by Binance. cryptocoin.com As we reported, Binance has announced an automatic conversion program for USDC, USDP and TUSD assets. Accordingly, the assets of users with these stablecoins will automatically convert to BUSD on September 29. After this date, users will only trade with BUSD.
Since the announcement, BUSD’s 24-hour trading volume has increased by 70%. It currently stands at $8.4 billion. BUSD currently has a market cap of approximately $19.4 billion. Meanwhile, USDC’s 24-hour trading volume also increased by 20%. Its market capitalization stands at $7.06 billion. In the announcement, Binance stated that all users will be able to see their converted balances within 24 hours after the transaction is completed.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.