Binance, the world’s largest cryptocurrency exchange by trading volume, has made a new announcement for the controversial cryptocurrency of recent times, LUNC. Here are the details…
Binance announced for LUNC
According to an announcement shared by Binance today, the exchange listened to the offer of the LUNC community. The following words were included in the statement of the exchange:
In response to an offer to burn trading prices while providing an adequate trading experience for users, Binance will send all trading prices to the LUNC burn address. The LUNC measure to be burned, its equivalent in USDT and the ten chain process ID will be updated every week to the next announcement.
Binance’s decision was otherwise
Koindeks.com As we have also reported, the exchange had previously said that it would offer a “participation option” to the burning mechanism. In other words, he stated that the burn to be applied for LUNC processes will be shaped according to the wishes of the users. But Binance CEO Changpeng Zhao said that they have given up on this decision. He cited the dissatisfaction of the LUNC community as the reason. He also said that his own analyzes would take some time and would not be an effective one. Binance has confirmed that it will send transaction prices in both spot and margin processes.
LUNC price rose instantly
Following Binance’s announcement, LUNC showed a sharp rise. Koindeks.com As we have also reported, this morning Interpol’s red notice to Do Kwon 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 feeling. LUNC has recorded a 27.9 percent increase in price in the last 24 hours. The cryptocurrency managed to rise from $ 0.00018288 to $ 0.00028973.
LUNC, which is in the thirty-third place with a market value of 1.9 billion dollars in the current situation, has gained 6.1% in the last 7 days. However, the coin fell by 30.4% 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, had lost its 1:1 peg to the US dollar. For this reason, the value of the coins related to the ecosystem decreased respectively.
Currently, LUNC operates as an independent project from Terra’s founders. With attacks like LUNC burning, the project is trying to get better. Still, developments such as the red notice for Do Kwon can be seen affecting the coin. Time will tell how the cryptocurrency will perform in the long run. However, it is worth noting that in the current situation, the altcoin exhibits highly volatile movements.