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Digital currency LUNC rises by 60% after Binance announces support for the coin burning mechanism

Digital currency LUNC rises by 60% after Binance announces support for the coin burning mechanism

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Answer Digital currency LUNC rises by 60% after Binance announces support for the coin burning mechanism

The collapse of two Terra ecosystem coins (LUNA and UST) caused a great deal of turmoil in the cryptocurrency market, the effects of which continue to haunt the market until now.

The price of Terra Classic (LUNC), the original coin of the Terra blockchain, has increased by more than 64% in the past 24 hours.

The unexpected bounce and rally comes on the heels of the announcement by Binance, one of the leading cryptocurrency exchanges, to implement the LUNC burning mechanism.

revealed Binance has announced plans to implement a mechanism to burn all trading fees on LUNC spot and margin trading pairs by sending them to the burn address on LUNC.

Read:Out of the flock…AXS cryptocurrency rises by 50% and reaches a new peak

According to Binance CEO CZ, the entire burn tax mechanism, once a certain number of subscribers is reached, will be fair to all users.

To explain the purpose of this step, chirp CZ meaning:

The trading experience and liquidity remains the same, as Binance can still contribute to reducing the LUNC supply, which is what the crypto community wants.

In theory, restricting the circulating supply of private cryptocurrencies would help prices grow while increasing demand for them.

The news was met with a positive move in LUNC price, as the price rose to $0.0003.

The latest coin price hike managed to obscure a LUNC dump after Terraform Labs co-founder Do Kwon received an Interpol Red Notice and the need for his arrest.

The digital currency LUNC previously suffered major declines and was almost dead after the collapse of the project.

In an effort to replenish the digital currency LUNC, a new tax-burning system has been introduced to reduce oversupply and fuel the rally.

The community approved the proposal, which intends to introduce a 1.2% tax rate on every transaction on the blockchain.

Read:Bitcoin value reaches $100,000 on Binance Futures exchange

Read also:

Bitcoin price rises as stock market crashes – is the correlation broken?

After fleeing Singapore…Interpol officially issues a Red Notice against the founder of Project Terra



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