Price Skyrocketed: Binance Makes Important Announcement For Lunc!

Binance, the world's largest cryptocurrency exchange by trading volume, has made a new announcement for the recently controversial cryptocurrency LUNC. Here are the details...

Binance makes announcement for LUNC

According to an announcement shared by Binance today, the exchange has heeded the suggestion of the LUNC community. The exchange's statement read as follows:

IN RESPONSE TO THE PROPOSAL TO BURN TRADING FEES WHILE PROVIDING A GOOD TRADING EXPERIENCE FOR USERS, BİNANCE WILL SEND ALL TRADING FEES TO THE LUNC BURN ADDRESS. THE SPECIFIC AMOUNT OF LUNC TO BE BURNED, THE USDT EQUIVALENT AND THE ON CHAIIN TRANSACTION ID WILL BE UPDATED WEEKLY UNTIL FURTHER NOTICE.

Binance's decision was otherwise

As we reported as cryptoify.blogspot.com, the exchange had previously said that it would offer a "participation option" to the burning mechanism.  In other words, it stated that the burning to be applied for LUNC transactions would be shaped according to the users' wishes. However, Binance CEO Changpeng Zhao said that they abandoned this decision. He cited the dissatisfaction of the LUNC community as the reason. He also said that their solution would take some time and would not be an effective solution.  Binance confirmed that it will send transaction fees on both spot and margin trading to the burner.

LUNC price soared instantly

LUNC rose sharply after Binance's announcement. As we reported as cryptoify.blogspot.com, Interpol's issuance of a red notice for Do Kwon this morning had a negative impact on the cryptocurrency. As it is known, Do Kwon is the founder of Terraform Labs. However, the announcement of the world's largest crypto exchange seems to have reset this sentiment. LUNC has increased by 27.9 percent in the last 24 hours. The cryptocurrency managed to go from $ 0.00018288 to $ 0.00028973.

LUNC, currently ranked thirty-third with a market cap of $1.9 billion, has gained 6.1 percent in the last 7 days. However, the coin fell 30.4 percent in the 30-day period. As it is known, Terra Luna Classic (LUNC) collapsed in May of this year. UST, the network's algorithmic stablecoin, lost its 1:1 peg to the US dollar. Therefore, the value of the ecosystem's coins fell respectively.

Currently, LUNC operates as an independent project from Terra's founders. With moves like the LUNC burn, the project is trying to recover.  Still, developments such as the red notice for Do Kwon have had an impact on the cryptocurrency. Time will tell how the cryptocurrency will perform in the long run. However, it is worth noting that the altcoin currently exhibits highly volatile movements.

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