Luna Classic Is Up 70%, Binance Burns All Transaction Fees On LUNC Spot
Terra’s Luna classic gain big to 70% for the week and over 44% for the month. The price hit $0.000365 on Sunday showing that traders are awaiting the final burning mechanism of Binance on 4th Oct.
The official announcement of Binance Twitter account on 26 Sept, 2022 regarding to the plan of cutting token’s supply. “Binance will implement a burn mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the LUNC burn address.”
Burning will decrease the total supply, then typically gain the price value of tokens. Even though this gain in the value of Terra is far from the peak of $100 price in April, the trading volume in the last few days has made Luna classic of the top ten cryptocurrencies, reaching the market cap of $2.1 billion.
Luna Classic is the token of Terra Blockchain. Since the explosion in May, lawmakers had released a ban on many similar stablecoin algorithmic.
Just within one day of the announcement, Luna classic was up 55%, pushing the price value from $0.00018 to $0.00031, hitting $0.0003473 at the time of this writing. Even though Binance will report total burning on Monday, traders have a great sentiment in their expectations. Crypto Twitter has guessed the total amount of burned tokens ranging from 10 billion to more than 25 billion.
The burning is the chance for those investors to lose their money in Terra Luna’s collapse. On Wednesday, South Korean officials seized $62 million in Bitcoin, which is related to Do Kwon and Terra.
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